Sushiswap price analysis: We expect SUSHI/USD to retrace to $10 support level

Aave Price Analysis

TL;DR Breakdown

  • Sushiswap price analysis is bullish for today.
  • SUSHI/USD saw further downside over the last 24 hours.
  • SUSHI/USD will need to exceed the local resistance at $10.35.

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.

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

SUSHI/USD has been fluctuating between $9.98 and $12.35 since yesterday, suggesting a significant price movement in the last 24 hours. SUSHI/USD dropped to a low of $9.0 today, reaching strong support at this level and signaling that the market is looking to reverse further losses.

On the daily chart, we can see that SUSHISWAP/USD has dropped below a critical support level around $9.1 and formed a double bottom pattern which serves as a strong buy signal. As the market has retraced to the $9.5 mark, we anticipate that SUSHI/USD will reverse and rise above $10 again.

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

On the four-hour Sushiswap price analysis chart, reversed its downward trend and is now heading higher after dropping below $10. In the 4-hour chart, SUSHI/USD is currently finding support at $10 and is ready to reverse.

Sushiswap price analysis: We expect SUSHI/USD to retrace to $10 support level 1SUSHI/USD 4-hour chart. Source: TradingView

Over the previous seven days, the price of Sushiswap has been fluctuating dramatically. Following a jump to $10 on September 7, SUSHI/USD remained consolidating and retested the $10 support twice over the following days.

On September 13, the price was put to the test for the second time in a week. The market advanced above $12 local resistance and then rallied for 24 hours before topping out at $16.

Bears dominated the market, and the Sushiswap price tumbled by more than 40% until support was found around $10 earlier today. We anticipate a reversal to happen later in the week if bulls continue to reject additional downside.

We can see from the 4-hour chart that technical indicators are suggesting a further rise. The MACD and RSI both have positive momentum, indicating that buyers may be regaining control of the market.

Sushiswap Price Analysis: Conclusion 

SUSHI/USD will need to exceed the local resistance at $10.35, which is a crucial level given that it has been historical support for the Sushiswap market in recent weeks. If confirmed, this will allow the price to rally up to its previous peaks near $20 and continue above them with a positive momentum going into the following week.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Related News

Hot Stories

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Luna Foundation Guard reveals its $3 billion reserve is down to $87 million

Follow Us

Industry News

MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse
Ukraine war and Bitcoin plunge exposes crypto as no hedge against equities