- Sushiswap price analysis shows bearishness on the 24-hour chart
- The SUSHI/USD pair dropped below the previous support, which was at $11.
- Shushiswap is currently trading at $10.58.
The Sushiswap price is bearish right now, and a retracement is expected before a new rise 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 level. Moreover, we should not expect any reversal before the $10.5 price level is tested.
Sushiswap price movement in the last 24 hours: Current support seems to be at $10.5, the next resistance is at $11.75
The 100 SMA is still below the 200 SMA on this time frame, suggesting that the path of least resistance would be to the downside or for more losses in general. The moving averages appear to be in a bearish alignment, and another upside crossover may occur soon, indicating that the decline is not yet over.
Technicals are showing a confusing array of signals, but they continue to point to more losses in the near future for this market. After yesterday’s RSI hit overbought levels, the stochastic has turned south, implying that SUSHI/USD may follow suit and go back into the oversold territory.
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.
Sushiswap’s price action has been mostly confined to a consolidation up until now this month. Resistance is seen at around $11-$11.5, with support located at $9.5-$10.
The previous resistance at $11 was broken during the early Asian session yesterday. The pair probably made its way through $10.5 as well but it came to a short-lived halt at around 9 AM UTC this morning. Here, a small green candle began forming before it got broken once again.
The price is anticipated to continue its negative trend before a turnaround occurs. We may see the price retrace to the previous local support line at $11 or lower, but not before the $10.5 mark is tested.
If the uptrend is confirmed, one indication of a possible bearish continuation would be if SUSHI/USD support or resistance were found at any of its moving averages or Fibonacci retracement levels. The 23% line, which was previously serving as an inflection point, would be the most significant to monitor.
Sushiswap Price Analysis: Conclusion
The SUSHI/USD price chart is bearish today, as the $11 support has been broken, and additional retracements will be required following a higher high of $12 over the weekend. As a result, during the next 24 hours, SUSHI/USD will most likely attempt to break through the $10.5 mark.
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