- 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.
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 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.
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