TL;DR Breakdown
- SUSHI breaks $14.
- Next support at $13.
- The closest resistance still at $16.
Today’s SushiSwap price prediction is bearish as the market has set another lower low after finding resistance around $16. Therefore, we expect the market to retrace after further downside and continue trending lower this week.
SushiSwap price prediction: SushiSwap breaks below $14, bearish momentum to continue?
SUSHI/USD opened at $15.33 after slight bullish momentum yesterday resulted in a retest of $16 resistance. Overnight, the market started slowly trading lower, resulting in the current spike lower over the past hours. Therefore, we are likely to see the market retrace some of the loss later this week and set another lower high before continuing to move along the overall bearish price momentum.
SushiSwap price movement in the last 24 hours
The SUSHI/USD price moved in a range of $13.71 – $15.73, indicating a good amount of volatility. Trading volume has dropped by 4.28 percent and totals $354 million, while the total market cap stands at $1.739 billion, ranking the coin in 61st place overall.
SUSHI/USD 4-hour chart – SUSHI spikes below $14 and sets a lower low after resistance was found at $16
On the 4-hour chart, SushiSwap price action has spiked below $14 previous support and reached the $13.5 mark. This means that we will likely see SUSHI/USD retrace some of the loss over the next hours and set another lower low.
SUSHI/USD 4-hour chart. Source: TradingView
Overall, SushiSwap has seen good growth this year as the price increased from $3 to the high of $23.5 in the middle of March. Since then, the SushiSwap price momentum has shifted, and the market has spent the past weeks moving lower.
At the end of March market declined by around 40 percent until support was finally reached around $14. From there, SushiSwap price consolidated in an increasingly tighter range around the $15 mark. Yesterday, we saw SUSHI/USD retest a resistance at $16, from which the market reversed and started slowly pushing lower once again.
This bearish move has resulted in a much larger spike to the downside over the past hours. Previous support at $14, which was retested at the end of March, was finally broken and the market moves to the next support at $13. Once it is reached, we expect another retracement to the upside as the SushiSwap price action looks to establish another lower high.
From there, much depends on how the market reacts around the $13 mark. If we see strong rejection for further downside as during February, we could see the current bearish momentum reverse. Alternatively, SUSHI/USD will continue trending lower over the following weeks as it retraces even more of the gains seen in the first months of 2021.
SushiSwap Price Prediction: Conclusion
SushiSwap price prediction is bearish as the previous support at $14 has been broken, and a lower low is currently being set. Later today, we should see some retracement back to the upside; however, the overall direction is bearish.
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