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Sushiswap Price Analysis: SUSHI swiftly retraces to $12, a reversal from there?

Sushiswap Price Analysis

TL;DR Breakdown

  • Sushiswap price analysis is bullish for today.
  • SUSHI/USD saw strong retracement over the past 24 hours.
  • The support was found at the $12 previous resistance.

Sushiswap price analysis is bullish for today as a quick spike to the $12 support indicates an end to a several-day retracement from the $16 new swing high. Therefore, we expect SUSHI/USD to return to bullish momentum over the weekend and look to regain some of the loss.

Sushiswap Price Analysis: SUSHI swiftly retraces to $12, a reversal from there? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Bitcoin manages to gain 2 percent, while Ethereum was up by 0.59 percent. Meanwhile, Avalanche (AVAX) is still the best performer, with a gain of almost 16 percent.

Sushiswap price movement in the last 24 hours: Sushiswap retraces to $12 resistance turned support

SUSHI/USD traded in a range of $12.11 – $13.84, indicating strong volatility over the last 24 hours. Trading volume has decreased by 10.49 percent and totals $1.1 billion, while the total market capitalization trades around $1.63 billion, ranking the coin in 72nd place overall.

SUSHI/USD 4-hour chart: SUSHI ready for more upside?

On the 4-hour chart, we can see the Sushiswap price rejecting further downside, indicating an upcoming rally once again.

Sushiswap Price Analysis: SUSHI rapidly retraces to $12, a reversal from there?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action continued to trade with strong volatility this week. After peaking at the $16 resistance, SUSHI/USD saw a retracement of 25 percent until support was found at the $12 previous resistance, which now acts as a support.

Considering the price action development earlier this month, when a lower low was set around $10, we can assume that a significant reversal is in play right now as the previous spike set a strong higher high.

Therefore, the current higher low at $12 might be the catalyst for a lot more upside over the next week. Once the bullish momentum starts going again, we assume the next upside target to be the $18.5 mark.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish for today as a new higher low has likely been established overnight at the $12 mark. Since further downside was rejected, we expect SUSHI/USD to return to bullish momentum over the next week.

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.

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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