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Sushiswap Price Analysis: SUSHI slowly consolidates below $11, breakout today?

SushiSwap Price Analysis

TL;DR Breakdown

  • Sushiswap price analysis is bullish.
  • SUSHI/USD continues to respect $11 resistance.
  • A brief retest of $10 support was seen yesterday.

Sushiswap price analysis is bullish today as downside momentum was rejected again, indicating that bulls are still building momentum to attempt a breakout above the $11 resistance. Therefore, we expect SUSHI/USD to move higher over the next 24 hours and target the $12 resistance next.

Sushiswap Price Analysis: SUSHI slowly consolidates below $11, breakout today? 1
Cryptocurrency heat map. Source: Coin360

The crypto market traded in the green over the last 24 hours, with Bitcoin leading the way as it gained 5.54 percent. Meanwhile, Ethereum followed, with a gain of 5.19 percent, while Shiba Inu (SHIB) continued to dominate the market, with a gain of almost 50 percent.

Sushiswap price movement in the last 24 hours: Sushiswap finds support above $10 again

SUSHI/USD traded in a range of $10.04 – $10.92, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.1 percent and totals $275.4 billion, while the total market cap trades around $1.35 billion, ranking the coin in 79th place overall.

SUSHI/USD 4-hour chart: SUSHI to break $11 today?

On the 4-hour chart, we can see the Sushiswap price action still consolidating as bulls prepare to break higher.

Sushiswap Price Analysis: SUSHI still consolidates below $11, breakout today?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has seen strong bearish momentum over the past weeks. After a strong decline from the $16 previous major swing high, support was eventually established around the $9 mark at the end of September.

Since then, a spike higher was seen on the 26th of September, with the following retracement setting a higher high at $9.25. From there, SUSHI/USD set a lower high around $11.25 during the first days of December.

Overall the Sushiswap price action development indicates that the market is in indecision right now. Likely we will see further consolidation over the next 24 hours. However, a break above the $11 is a strong possibility.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish today as any further downside was rejected above the $10 support again, indicating that a new higher low is set. Therefore, we expect SUSHI/USD to either continue consolidating or break above the $11 mark over the next 24 hours.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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