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Sushiswap Price Analysis: SUSHI reverses back to the $9 price level

Aave price analysis

TL;DR Breakdown

  • 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.

Sushiswap Price Analysis: SUSHI reverses back to the $9 price level 1Cryptocurrency 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.

Sushiswap Price Analysis: SUSHI reverses back to the $9 price level 2SUSHI/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.

While waiting for Sushiswap to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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.

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