- Sushiswap price analysis is bullish for today.
- SUSHI/USD saw a drop overnight after a brief test of $12 resistance.
- Sushiswap still holds the $10 support.
Sushiswap price analysis is bullish for today as the market saw a quick spike from $12 resistance to $10 support. From there, SUSHI/USD rejected further downside, likely leading to another rally over the next 24 hours.
The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, lost 1.48 percent, while Ethereum lost 4.35 percent. Meanwhile, Polkadot (DOT) is the best performer, with a gain of more than 8 percent.
Sushiswap price movement in the last 24 hours: Sushiswap saw a quick spike back to the $10 support
SUSHI/USD traded in a range of $10.13 – $12.04, indicating strong volatility over the last 24 hours. Trading volume has spiked by 99.94 percent and totals $435.1 billion, while the total market cap trades around $1.335 billion, ranking the coin in 78th place overall.
SUSHI/USD 4-hour chart: SUSHI ready to rally again?
On the 4-hour chart, we can see the Sushiswap price reversing again as bulls prepare to retest the $12 resistance again.
The overall Sushiswap price action has seen substantial volatility over the past weeks. After peaking at around $14.8 on the 20th of August, SUSHI/USD saw a decline to $11 initially.
After another rally during the first week of September, a lower high was set at $14.3, followed by another strong push lower on the 7th, resulting in another 30 percent drop, this time to the $10 mark.
From there, SUSHI/USD saw a reaction higher to $12 resistance, followed by another move lower to $10 support. The same scenario played out yesterday, with another retest of the $12 and a subsequent drop to $10 overnight. Therefore, as long as the Sushiswap price remains above the $10 support, we expect another rally to follow over the next 24 hours.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bullish for today as support was found above the $10 support again after a quick spike lower overnight. Therefore, we expect SUSHI/USD to rally higher again and move back to the $12 resistance next.
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