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Sushiswap Price Analysis: SUSHI/USD is bearish for the next 24 hours

Vechain Price Analysis

TL;DR Breakdown

  • Sushiswap price analysis is bearish today.
  • Support around $6.5 broke after several retests.
  • Next target at the $5 mark.

The price analysis for Sushiswap is bearish for the next 24 hours, as the market fell below $6.5 support earlier today. As a result, SUSHI/USD is likely to move lower and establish another significant low near $5 over the weekend.

Sushi, the Japanese delicacy, is a favorite of many. But over the past 24 hours, its price has been anything but appetizing. SUSHI moved sideways over the past 24 hours. Support around $6.5 broke after several retests. Next target at the $5 mark.

The price analysis for Sushiswap is bearish for the next 24 hours, as the market fell below $6.5 support earlier today. As a result, SUSHI/USD is likely to move lower and establish another significant low near $5 over the weekend.

For those looking to short SUSHI/USD, the next target would be $5, which is also the next significant support level. A break below this could see SUSHI/USD move lower to $4 or even $3 soon. Conversely, if bulls manage to push the price back above $6.5, there is a chance that SUSHI/USD could recover to its previous highs near $8.

As of now, it seems that the market sentiment for Sushiswap is bearish, and traders should look to short the currency pair near the $5 mark. If bulls can push the price back above $6.5, there is a chance that SUSHI/USD could recover to its previous highs near $8. However, this seems unlikely, and traders should remain vigilant for potential reversals near $5.

The price analysis for Sushiswap is bearish for the next 24 hours, as the market fell below $6.5 support earlier today. As a result, SUSHI/USD is likely to move lower and establish another significant low near $5 over the weekend.

SUSHI/USD 4-hour chart – SUSHI breaks the $6.5 mark

On the 4-hour chart, we can observe that the Sushiswap price is declining below the $6.5 support as bears prepare to push the market lower once again.

Sushiswap price analysis: Sushiswap breaks $6.50, swift move to $5 ahead?SUSHI/USD 4-hour chart. Source: TradingView

The market as a whole has been trading in a bearish trend for weeks now, with little exception since the end of May, when it hit a high. On June 3, the $13.5 previous swing high was revisited, and bulls could not push the market higher.

SUSHI/USD began to move lower once more on this price action development, and it returned to the previous low of $9.50. On June 8, some initial support was discovered around this price mark. Bears subsequently took the market lower; however, after a brief rebound, the $9.50 support was revisited as resistance.

The price of SUSHI/USD continued to drop after the initial bounce, eventually dropping below $7.00 and then further down until it reached the $6.50 support level. After several days of trading sideways above the resistance, SUSHI/USD fell below it earlier today, suggesting that the market is looking for an additional downside.

As a result, we can anticipate SUSHI/USD to fall further over the weekend and try to establish new lows, with the next major support level set at $5.

Sushiswap Price Analysis: Conclusion 

The Sushiswap price analysis suggests that the market is ready to move lower once again, following a break below the $6.50 support, and that it will do so over the next 24 hours. The price action in this market should continue to lead towards further devaluation over the weekend, with a potential target of around $5, as indicated by previous declines.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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