- SUSHI moved sideways over the past 24 hours.
- Support around $6.5 broke after several retests.
- Next target at the $5 mark.
Sushiswap price analysis is bearish for the next 24 hours as the market broke below the $6.5 support earlier today. Therefore, we can expect SUSHI/USD to move towards the $5 mark over the weekend and set another significant lower low.
The overall market trades with a strong bearish momentum over the past 24 hours. Bitcoin has decreased by 8 percent, while Ethereum by 9.65 percent. The rest of the crypto market follows this pattern with an even more substantial loss.
Sushiswap price movement in the last 24 hours
SUSHI/USD traded in a range of $6.18 – $7.34, indicating strong volatility over the last 24 hours. Meanwhile, the total trading volume stands at $188 billion, which is down by 7.4 percent. The total market capitalization trades around $792.8 billion, ranking the cryptocurrency in 73rd place overall.
SUSHI/USD 4-hour chart – SUSHI breaks the $6.5 mark
On the 4-hour chart, we can see the Sushiswap price action moving below the $6.5 support as bears are ready to push the market lower again.
The overall market trades with a strong bearish momentum over the past weeks after a high was set at the end of May. On the 3rd of June, the $13.5 previous swing high was retested and bulls failed to push the market any higher.
From this price action development, SUSHI/USD started to move lower again and moved to the previous low of around $9.50. Some initial support was found around this price area on the 8th of June. However, after some consolidation and a slight bounce, bears took the market lower and the $9.50 support was retested as a resistance on the 15th of June.
From there, the market price dropped further until the $6.50 mark was reached. After moving sideways above the support for several days, SUSHI/USD broke below it earlier today, signaling that the market wants to test further downside.
Therefore, we can expect SUSHI/USD to push lower over the weekend and try to set further lows, with the next major support level located around the $5 mark.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bearish for the upcoming 24 hours as the market is ready to move lower again after a break below the $6.50 support. This price action development should lead SUSHI/USD towards further downside over the weekend, with the next target insight around the $5 mark.
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.