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Sushiswap Price Analysis: SUSHI bounces from $10 support, looks to retest $12 next?

Sushiswap Price analysis

TL;DR Breakdown

  • Sushiswap price analysis is bullish for today.
  • SUSHI/USD saw a strong advance overnight.
  • SUSHI is set to retest the $12 resistance next.

Sushiswap price analysis is bullish today as the market rallied from the $10 support over the last 24 hours and is currently looking to retest the $12 resistance. Therefore, we expect SUHSI/USD to break above the $12 resistance next and move higher from there next week.

Sushiswap Price Analysis: SUSHI bounces from $10 support, looks to retest $12 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 0.68 percent, while Ethereum has gained 3.27 percent. Meanwhile, Solana (SOL) is the worst performer, with a loss of more than 6.5 percent.

Sushiswap price movement in the last 24 hours: Sushiswap rallies away from the $10 support

SUSHI/USD traded in a range of $10.36 – $11.39, indicating strong volatility over the last 24 hours. Trading volume has decreased by 7.57 percent and totals $223.7 billion, while the total market cap trades around $1.422 billion, ranking the coin in 78th place overall.

SUSHI/USD 4-hour chart: SUHSI targets $12 next?

On the 4-hour chart, we can see the Sushiswap price advancing today as bulls target the $12 resistance next.

Sushiswap Price Analysis: SUSHI bounces from $10 support, looks to retest $12 next?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action traded with substantial volatility over the past weeks. After rallying to the $14 resistance during the first days of September, a lower swing high was set.

 This price action development indicated bearish momentum to follow as the previous major swing high was around $14.8 and was followed by a 25 percent decline to the $11 mark. On the 7th of September, another strong decline of 30 percent followed, this time to the $10 support.

During the middle of the week, SUSHI/USD rallied below $12 and reversed again, retesting the $10 support on Friday. Since then, the Sushiswap price has advanced as bulls are ready to finally break above the $12 resistance.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish for the next 24 hours as the market retested the $10 support yesterday and has since rallied above $11. As long as the bullish momentum continues, we expect SUHSI/USD to test the $12 resistance over the next 24 hours.

While waiting for Sushiswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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

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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