- Sushiswap price analysis is bearish today.
- SUSHI/USD spiked to $10.88
- The coin recorded massive selling pressure in the past few hours.
The SUSHI/USD chart is bearish today, as intense selling pressure has resumed following a brief recovery to $10.88 this morning. As a result, we anticipate the SUSHI/USD pair to drop another 24 hours.
Sushiswap price movement in the last 24 hours: Sushiswap spikes to $11 after consolidation overnight
During the previous 24 hours, SUSHI/USD changed hands from $10.33 to $10.88, indicating modest changes in pricing. The overall volume increased by 35.32 percent to $292.35 billion, putting it in 79th place globally, while the overall market capitalization stands at about $1.29 billion, placing it in 79th place worldwide.
SUSHI/USD 4-hour chart: SUSHI headed below $10 next?
Today, the Sushiswap price has stayed put on the 4-hour chart, suggesting that more downsizing is ahead of us in the next 24 hours.
SUSHI/USD has been bearish for days, and the price movement continues to trend downwards, as we expected. It should be noted that during the first two hours of trading, SUSHI opened at $11 and quickly dropped below $10.9 by an overall 16 percent:
The pair traded at a low of $10.66, bringing the daily loss up to 16 percent before an 11-percent recovery.
SUSHI/USD is now trading at $11.32
In addition, SUSHI/USD opened today’s session with a drop in price from $11 to a low of $10.66 before recovering to its current price level. No specific reason
SUSHI/USD 4-hour chart. Source: TradingView
The price of Sushiswap has been in a sideways range for the past few weeks. On both sides of a trading range of about $10-$11, several examinations have been made. SUSHI/USD, on the other hand, has yet to break away strongly to either side.
SUSHI/USD hasn’t moved for many days, suggesting that more is on the way. SUSHI/USD gradually dipped back to the $10 support over the following days after remaining above $11 late last week. Recently, a brief rise occurred at $11 once again after being driven past this level owing to our expectations of further price drops.
SUSHISWAP is bearish for the day, as it has been since late April, and we see more downside coming in the next 24 hours. We will continue to monitor price moves over the course of today to see whether or not the market can take hold at $10.33.
The Sushiswap price fall indicates we will see additional losses for the next 24 hours. The $10 support is expected to be broken, in which case the next support level is set at approximately $9.
Sushiswap Price Analysis: Conclusion
The Sushiswap price has been bearish since breaching the $12 level earlier this month. In general, SUSHI is a strong currency that looks set to re-enter the top 100 with ease. Over time, we expect to see more development on its platform as it continues to gain traction in all market conditions, despite the slow market movement.
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