- Today’s Sushiswap price analysis is bearish.
- The price for SUSHI/USD rose from $9 to $10 within a matter of minutes.
- Over the last hours, there has been a lot of selling pressure.
Today’s Sushiswap price analysis is bearish since strong selling pressure has reappeared after a rapid rise to $11 this morning. As a result, we expect SUSHI/USD to drop further over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 3.45 percent, while Ethereum gained 3.78 percent. Meanwhile, Binance Coin (BNB) was the top performer, with a gain of more than 15 percent.
Sushiswap price movement in the last 24 hours: Sushiswap spikes to $10.43 after consolidation overnight
The price of a single SUSHI/USD token has fluctuated in the range of $9.77 to $10.43 over the previous 24 hours, demonstrating significant volatility. Trading volume has grown by 35.32 percent, with activity totaling $292.35 billion and putting the project’s market cap at roughly $1.29 billion,
SUSHI/USD 4-hour chart: SUSHI headed below $10 again?
On the Sushiswap 4-hour chart, we can see that it has rejected further advances today, indicating that additional losses will continue over the next 24 hours.
Sushiswap’s price has been trading in a sideways range for the last several weeks. Several attempts have been made to test the limit of about $10-$11 on both sides, resulting in a trading range of similar size. SUSHI/USD, on the other hand, has yet to establish a strong breakout on either side.
SUSHI/USD has been moving sideways since mid-December. After a brief advance above the $11 level late last week, the currency gradually receded back to the $10 support over the previous days. A quick jump higher tested the $11 mark again today, with substantial selling pressure returning in recent hours..
The Sushiswap price movement indicates that we will see more declines over the next 24 hours. The $10 support is most likely to be shattered, in this case, the $9 support follows soon thereafter.
Sushiswap Price Analysis: Conclusion
Today’s Sushiswap price analysis is bearish, as the upside was strongly rejected this morning, indicating that bears remain in power. As a result, we anticipate that SUSHI/USD will continue to fall throughout today.