- Sushiswap price analysis is bearish today.
- SUSHI/USD consolidated above $11.5 before gradually dropping
- The SUSHI market is likely to reverse by end of the day
The Sushiswap price analysis is bearish today, as another retracement is required before a resurgence can begin. As a result, we anticipate SUSHI/USD to continue to decline today, with the $10.5 mark as the next local support.
According to the Coin360 cryptocurrency heatmap, the overall market is trading in the red zone with Bitcoin shedding 2.92 percent and Ethereum dropping by 0.34 percent. The best performer of the day is Solana after it crossed the $200 psychological support.
Sushiswap price movement in the last 24 hours: Sushiswap retraces below $11
The price of SUSHI/USD has fluctuated within a range of $10.73 to $11.78 over the past 24 hours, suggesting some volatility. Trading volume has dropped by 40%, with $215.9 billion changing hands, while the market capitalization is roughly $1.387 billion, putting it in 75th place worldwide
SUSHI/USD 4-hour chart: SUSHI to see more downside before reversal
On the hourly chart, we see that the Sushiswap price is still looking for further downside to establish a higher low and revert from.
Most of the time, Sushiswap’s price action has been confined to a consolidation since the start of the month. Resistance is found at around $11-$11.5, while support can be found at $9.5-$10.
SUSHI/USD remained well entrenched between $10 and $13 for the most part of October. Over the next three weeks, its price fluctuated in a narrow range, finally breaking through $11 on the 13th to reach a high of $12. Since then, there has been a retracement over the past 24 hours as further upsides could not be attained.
Overall, Sushiswap’s price action must retrace before more upside is possible. The higher high set over the weekend, on the other hand, suggests that the overall market momentum is shifting increasingly stronger.
Sushiswap Price Analysis: Conclusion
The SUSHI/USD pair is in a bearish trend today, as the $11 support has been broken, and more retracements are needed following a higher high set at $12 over the weekend. As a result, over the next 24 hours, SUSHI/USD may test the $10.5 mark.