- SUSHI breaks $10 support overnight.
- Current support at $6.5.
- Next support at $5.
Today’s Sushiswap price prediction is bullish as the market spiked towards $6.5 support over the past hours and currently rejects further downside. Therefore, we expect SUSHI/USD to move higher over the next 24 hours and retest the previous support around $10 as a resistance.
The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin has lost almost 13.5 percent, while Ethereum almost 16 percent. Polkadot is among the worst performers, with a loss of 36 percent.
SUSHI/USD opened at $11 after a slight bearish close yesterday. Since then, the Sushiswap price has continued moving lower and reached the next support at $6.5, indicating an upcoming reversal to the upside.
Sushiswap price movement in the last 24 hours
The SUSHI/USD price moved in a range of $6.34 – $11.82, indicating severe volatility. Trading volume has increased by 13.33 percent and totals $1.33 billion. The total market cap trades at $1 billion, ranking the cryptocurrency in 67th place overall.
SUSHI/USD 4-hour chart – spikes to $6.5
On the 4-hour chart, we can see the Sushiswap price action spiking to the $6.5 support and currently rejecting further downside.
The overall market continues to retrace from the previous swing high of around $22.5 set on the 18th of May. So far, SUSHI/USD has retraced by almost 70 percent to support at the $6.5 mark. Therefore, the overall SUSHI/USD price action structure is bearish as of now.
However, since the market has retraced so much over the past week, we can expect a reversal next week. The first obvious level to move higher towards is seen around the $10 mark. The $10 price mark previously served as strong support several times, meaning that it has likely turned into equally strong resistance.
This means that the Sushiswap price should move higher over the next 24 hours as further bearish pressure seems unlikely as sellers are exhausted. Once SUSHI/USD retests the $10 mark as resistance, we expect another move lower later next week. If the market can establish a higher low, a much more serious several-week reversal back to previous all-time highs might be seen over the following weeks.
For now, however, it is best to stay neutral and wait for further price action development.
Sushiswap Price Prediction: Conclusion
Sushiswap price prediction is bullish as the market moved lower over the past hours to test the next major support at $6.5. As of now, further downside is rejected, meaning that we will likely see SUSHI/USD move higher over the next 24 hours to retest the $10 support as a resistance.
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