- Sushiswap price analysis shows bearishness on the 24-hour chart
- SUSHI/USD retraced below the previous support which was at $11
- The Crypto market is likely to reverse later this week.
The Sushiswap price analysis is bearish today, with another retracement required before another rally may begin. As a result, we anticipate that SUSHI/USD will continue to fall today, with the $10.5 mark as the next local support.
Cryptocurrency heat map. Source: Coin360
Following a 1.21% rise in the price of Bitcoin and a 0.62% decrease in the price of Ethereum, Coin360’s heatmap show that the entire cryptocurrency market is trading with mixed results. Binance Coin, Ripple, and Cardano are among the gainers, while Solana, Polkadot, and Filecoin are among the losers.
Sushiswap price movement in the last 24 hours: Sushiswap retraces below $11
The SUSHI/USD pair remained confined in a narrowing price range of $10.73 to $11.78, implying substantial volatility during the last 24 hours. Trading volume has plummeted by 40%, with $215.9 billion changing hands, while the overall market cap is valued at around $1.387 billion, placing it in 75th position on CoinMarketCap.
SUSHI/USD 4-hour chart: SUSHI to see more downside before reversal
We can see that the Sushiswap price is still looking for further downside to establish a new low and reverse from on the 4-hour chart.
So far this month, Sushiswap’s price action has been mostly confined to a consolidation. Resistance is observed at around $11-$11.5, with support evident at $9.5-$10.
On the 13th of October, SUSHI/USD fell below $10 for the first time since its inception. Finally, on the 16th of November, SUSHI/USD broke above $11 and subsequently peaked at $12. Since then, a retrace has occurred in recent days as further upside was unable to be achieved.
Overall, Sushiswap’s price action still has to retrace before more upside is available. The higher high established over the weekend, on the other hand, suggests that the overall market momentum is shifting increasingly stronger..
Sushiswap Price Analysis: Conclusion
The SUSHI/USD price chart is bearish today, as the $11 support has been shattered, and additional retracements are required following a higher high of $12 over the weekend. As a result, SUSHI/USD will most likely attempt to breach the $10.5 mark during the next 24 hours.