- SUSHI found support at the several-week ascending support trendline.
- Resistance at $18.5 still prevents further upside.
- Next support to be tested at $15.25.
Today’s Sushiswap price prediction is bearish as the market rejects further upside below the $18-$19 resistance area. Therefore, we expect SUSHI/USD to retrace lower over the next 24 hours to retest the several-week ascending support trendline.
The overall cryptocurrency market trades with a loss over the last 24 hours. Bitcoin has returned below the $45 mark and lost 6 percent over the last 24 hours. Meanwhile, Ethereum trades with similar results as it lost almost 5 percent. The rest of the market follows this bearish momentum.
SUSHI/USD opened at $16.55 after consolidating for most of yesterday and closing close to the open. However, today, the Sushiswap price moved higher after a brief spike to the $14.5 mark. Right now, the $18.5 resistance is retested, indicating that the market is trading in an increasingly tighter range.
Sushiswap price movement in the last 24 hours
The SUSHI/USD price moved in a range of $14.40 – $18.25, indicating a good amount of volatility. Trading volume has increased by 35 percent and totals $1.14 billion. Meanwhile, the market capitalization trades around $2.26 billion, ranking the cryptocurrency in 59th place overall.
SUSHI/USD 4-hour chart – SUSHI trades sideways with huge volatility over the past few days
On the 4-hour chart, we can see Sushiswap price looking to retest the $18-$19 resistance area after establishing a slightly higher low.
The overall market continues trading higher over the past weeks. After establishing a new major swing low around the $10 mark on the 23rd of April. SUSHI/USD started to slowly push higher over the following weeks.
The first upswing peaked around $15 and retraced to $12.5, indicating an upcoming upswing. From there, on the 5th of May, SUSHI/USD moved even higher until the next high was set around $17.5. What followed was a sharp retracement to $13, which established a slightly higher low.
Since then, the Sushiswap price has traded with huge volatility in an increasingly tighter range. Resistance is seen around $18.5-$19, while the several-week ascending support trendline provides support. Therefore, until SUSHI/USD breaks either the support or resistance, we can expect further consolidation in a volatile, whale tightening range.
If the resistance to the upside is broken, SUHSI/USD should move to set another higher high around the $21 mark. From there, the market structure will increasingly become bullish. In this scenario, we can expect the Sushiswap price to reach new all-time highs by the end of this month.
Sushiswap Price Prediction: Conclusion
Sushiswap price prediction is bearish as the market spiked higher over the past hours towards the $18-$19 major resistance area after setting higher low overnight. Therefore, the market should retrace once again over the next 24 hours and set another higher low along the several-week ascending support trendline.
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