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Sushiswap price analysis: Sushiswap tests $9.5 resistance, prepares to move to $6.5?

Sushiswap price analysis

TL;DR Breakdown

  • SUSHI moved higher overnight.
  • Previous support at $9.5 tested as a resistance.
  • Next price target at $6.5.

Sushiswap price analysis is bearish for today as the market retested previous support as a resistance and currently prepares for another move lower. Therefore, we expect SUSHI/USD to reach the $6.5 support this week.

Sushiswap price analysis: Sushiswap tests $9.5 resistance, prepares to move to $6.5? 1
Cryptocurrency heat map. Source: Coin360

The market trades in the green today as Bitcoin is up by 1.5 percent, and Ethereum by 4 percent. Meanwhile Polkadot and Matic are among the best performers, with a gain of 12 and 15 percent, respectively.

Sushiswap price movement in the last 24 hours

SUSHI/USD moved in a range of $8.70 – $9.64, indicating a moderate amount of volatility. The total market cap stands around $1.16 billion, while the 24 hour trading volume has increased by 19.74 percent and totals $287.2 billion.

SUSHI/USD 4-hour chart – SUSHI retests $9.5 as a resistance

When looking at the 4-hour chart, we can see the Sushiswap price retesting the $9.5 previous support as a resistance as bears prepare to push the market lower.

Sushiswap price analysis: Sushiswap tests $9.5 resistance, prepares to move to $6.5?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has traded bearish over the past weeks. After some bullish momentum forming after a new several month low was set at the $6.5 mark at the end of May, SUSHI/USD quickly spiked to $13.5 mark. 

What followed was a retracement to the $9.5 support and a following second test of the $13.5 resistance. After some consolidation, the Sushiswap price action started trending lower again. Over the following weeks, SUSHI retraced 40 percent until support was found around the $8 mark.

After the $8 mark was tested, SUSHI started to retrace some of the loss over the past days and approached the previous support of $9.5 to retest it as a resistance. Therefore, we can expect SUSHI/USD to reverse and start pushing lower again.

Next support target is located around $6.5 mark, which if reached from the current market price would mean a retracement of around 30 percent. From there a double bottom will likely be formed and the Sushiswap price action will start trending higher again.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish as bears look to take over control over the market after a retest of the $9.5 price level as a resistance. Therefore, we expect SUSHI/USD to push lower and move towards the next major support level around $6.5.

While Sushiswap price moves lower, read our guides on Cardano staking, as well as how to trade Bitcoin, and Bitcoin transactions.

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.

Lapin

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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