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Sushiswap Price Analysis: SUSHI moves for a second retest of $12 support, ready to push higher next week?

Sushiswap price analysis

TL;DR Breakdown

  • Sushiswap price analysis is bullish.
  • SUSHI/USD retests the $12 support for the second time.
  • SUSHI currently rejects further downside.

Sushiswap price analysis is bullish for today as the market moved for a second retest of the $12. Since further upside currently gets rejected, we expect SUSHI/USD to move higher over the next 24 hours and look to regain some of the loss.

Sushiswap Price Analysis: SUSHI moves for a second retest of $12 support, ready to push higher next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in a bearish momentum over the last 24 hours, with the market leader, Bitcoin, down by 2.43 percent. Meanwhile, the top altcoin, Ethereum, is down by 3.97 percent.

Sushiswap price movement in the last 24 hours: Sushiswap fails to move past $13, moves for a second test of the $12 support

SUSHI/USD traded in a range of $11.83 – $13.10, indicating mild volatility over the last 24 hours. Trading volume has decreased by 59.88 percent and totals $373.24 billion, while the total market capitalization trades around $1.53 billion, ranking the coin in 74th place overall.

SUSHI/USD 4-hour chart: SUSHI ready to reverse?

On the 4-hour chart, we can see the Sushiswap price rejecting further downside, indicating a potential reversal later today.

Sushiswap Price Analysis: SUSHI moves for a second retest of $12 support, ready to push higher next week?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price has seen strong volatility over the past weeks. After a sharp spike lower on the 7th of September, SUSHI/USD found support around the $10 mark.

After retesting the support twice, a strong move higher on Tuesday resulted in a new several-month high set around the $16 mark on the 16th of September. However, from there, SUSHI saw a strong retracement over the following 24 hours.

Yesterday, the first signs of support were seen just above the $12 mark. After some upside momentum, the Sushiswap price reversed again overnight, resulting in another move lower today. 

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish for today as a new higher low currently gets established around the $12 mark. Since further downside currently gets rejected, we expect SUSHI/USD to reverse later today and look to become bullish 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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