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Sushiswap Price Analysis: SUSHI consolidating around $10 in preparation of rally

TL;DR Breakdown

  • Sushiswap price analysis is bullish for today.
  • SUSHI/USD saw further downside over the last 24 hours.
  • SUSHI found support at the $10 mark today.

The price analysis of Sushiswap is favorable for now, as the market has retraced to the $10 mark in the last 24 hours and has indicated resistance to more losses. As a result, we anticipate that SUSHI/USD will reverse and recoup some of its losses later today.

Cryptocurrency heat map. Source: Coin360

Over the last 24 hours, the cryptocurrency market has been trading in the green zone, with buyers seizing control of the momentum overnight. Bitcoin is now up 2.48% from yesterday’s price, while Ethereum is up 1.8%.

Sushiswap price movement in the last 24 hours: Sushiswap are finding stronger support beyond $10

The price of SUSHI/USD has been ranging between $9.98 and $12.35 since yesterday, suggesting substantial price movement in the last 24 hours. Trading volume has grown by 45 percent to $525 billion and there is a 45% increase in activity this year as compared to the previous year. Meanwhile, market capitalization is around $1.7 billion and there has been a rise of nearly 100% this year as compared to the previous year.

SUSHI/USD 4-hour chart: SUSHI ready to reverse from the $10 support?

The Sushiswap price has rejected further downside below the $10 level on the 4-hour chart, suggesting a reversal is on the way.

SUSHI/USD 4-hour chart. Source: TradingView

The price of Sushiswap has been volatile over the prior seven days. Following a spike to $10 on September 7, SUSHI/USD remained consolidating and retested the $10 support twice during the following days.

On September 13th, the market was put to the test yet again, with prices climbing above $12 local resistance. A rally of 24 hours ensued until a new high was established at $16.

However, around this price level, bullish momentum had run out, and a decisive reversal occurred. The Sushiswap price plummeted by more than 40 percent until support was discovered around the $10 support earlier today. We anticipate a reversal to occur later in the week as long as bulls continue to reject additional downside.

Sushiswap Price Analysis: Conclusion

Support was established above the $10 level earlier today after a very strong decline over the previous 24 hours, indicating that Sushiswap price analysis is favorable for now. As a result, we anticipate that SUSHI/USD will reverse and recoup some of its losses in the following 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.

This post was last modified on September 24, 2021 3:10 am

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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