Ethereum
$ 1,051.81 0.24%
Solana
$ 32.69 0.85%
Dogecoin
$ 0.065498 2.67%
ApeCoin
$ 4.57 1.51%
Bitcoin
$ 19,030.53 1.23%
BNB
$ 215.89 0.34%

Sushiswap Price Analysis: SUSHI spikes to $11, heavy rejection seen since

Sushiswap Price analysis

TL;DR Breakdown

  • Sushiswap price analysis is bearish today.
  • SUSHI/USD spiked to $11.
  • Heavy selling pressure was seen over the past hours. 

Sushiswap price analysis is bearish today as strong selling pressure has returned after a quick spike to $11 this morning. Therefore, we expect SUSHI/USD to continue lower over the next 24 hours.

Sushiswap Price Analysis: SUSHI spikes to $11, heavy rejection seen since 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours despite Bitcoin losing 3.83 percent. Ethereum gained 0.16 percent, while Binance Coin (BNB) is the top performer, with a gain of 15.27 percent.

Sushiswap price movement in the last 24 hours: Sushiswap spikes to $11 after consolidation overnight

SUSHI/USD traded in a range of $9.67 – $10.63, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.32 percent and totals $292.35 billion, while the total market cap trades around $1.29 billion, ranking the coin in 79th place overall.

SUSHI/USD 4-hour chart: SUSHI headed below $10 next?

On the 4-hour chart, we can see the Sushiswap price rejecting further upside today, indicating more downside will follow over the next 24 hours.

Sushiswap Price Analysis: SUSHI spikes to $11, heavy rejection seen since
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price has seen sideways price action over the past weeks. A trading range of around $10-$11 was seen tested several times to both sides. However, SUSHI/USD is yet to set a clear breakout to either side.

After a brief move above the $11 mark late last week, SUSHI/USD slowly retraced back to the $10 support over the past days. Earlier today, a quick spike higher retested the $11 mark, with heavy selling pressure returning over the past hours.

The Sushiswap price action development indicates we will see further downside over the next 24 hours. Likely the $10 support will finally be broken, in this case, the next support is located around the $9 mark.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish today as upside was heavily rejected this morning, indicating that bears are still in control. Therefore, we expect SUSHI/USD to continue moving lower later today.

While waiting for Sushiswap to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

Related News

Hot Stories

Solana price analysis: SOL fails to break above $33, still bearish
Polkadot price analysis: DOT maintains a bullish trend at $6.79
Cardano price analysis: ADA/USD set to break above intraday highs of $0.456
Dogecoin price analysis: DOGE ends retrace at $0.068, ready to drop further?
“Bitcoin Is Dead” Rant Is Spreading Online. How Did It Begin, And What It Means For Gnox (GNOX), Bitcoin (BTC) And Solana (SOL) Investors

Follow Us

Industry News

Three Arrows files for Chapter 15 bankruptcy in New York
KuCoin boss denies halting withdrawals
Crypto plunges to its worst in 11 years
CoinFlex CEO announces a shift in withdrawal date
Three Arrows could be liquidated due to the crypto market's bearish streak