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Sushiswap price analysis: Sushiswap retests $18.5, prepares to breakthrough?

Sushiswap Price Analysis

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TL;DR

TL;DR Breakdown

  • 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.

Cryptocurrency heat map. Source: Coin360

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.

Sushiswap price prediction: Sushiswap retests $18.5, prepares to breakthrough?
SUSHI/USD 4-hour chart. Source: TradingView

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.

While waiting for further Sushiswap price action development, read our guides on Ethereum mining software and mining pools, as well as how to buy Ripple.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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