- Sushiswap price analysis is bearish today.
- SUSHI/USD broke below the $12 price barrier
- Bearish momentum peaked near $10
Today’s Sushiswap price analysis is bearish as a lower high was established, followed by a modest retracement overnight. As a result, we may see SUSHI/USD slide lower soon today, with the $8 mark as its next major objective.
Cryptocurrency heat map. Source: Coin360
According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.
Sushiswap price movement in the last 24 hours: Sushiswap sets weak high at $9.89
The price of SUSHI/USD fluctuated between $9.52 and $9.890, a range indicating significant volatility in the recent 24 hours. Trading volume also increased by 106 percent, reaching a record high of $719 million. The overall market capitalization was valued at $1.58 billion, putting the currency in 82nd place.
SUSHI/USD 4-hour chart: SUSHI is currently under heavy selling pressure
On the 4-hour chart, we can see that the Sushiswap price is dropping this morning as profit-taking occurs below the $10 peak.
SUSHI/USD 4-hour chart. Source: TradingView
A lengthy consolidation period occurred, with Sushiswap activity following a several-week pattern. Resistance was found at $12, with the $11 mark serving as a centerline. The end of October marked slightly lower lows, suggesting bearish momentum gathering after an increase in price was rebuffed.
As a result, we’ve witnessed a resurgence of bullish momentum in the market. If the recent swing low at $12.3 is maintained, we should expect additional gains later today. The potential target for SUSHI/USD is near the $14 mark, where it served as a significant reversal point before.
On the 4-hour chart, we can see that $13 was a significant resistance level, and so it’s only natural that SUSHISWAP would continue to find resistance there. Likewise, we should expect continued momentum as this point
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bullish today as we saw a strong advance yesterday, followed by a retracement overnight. Likely, SUSHI/USD will soon be ready to push further, with a lower high set around $9.89.