- Sushiswap price analysis is bearish today.
- SUSHI/USD retraced below $11 previous support.
- Market likely to reverse later this week.
The Sushiswap price analysis is bearish today, as a further retreat is required before another rise may start. As a result, we anticipate that SUSHI/USD will drop further today, with the $10.5 mark as the next local support.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market is entirely green with all digital assets trading bullishly for the past 24-hours. Bitcoin crossed the $65,000 mark after a 1.54 percent rise where it set a new all-time high. Ethereum posted a record gain of 8.43 percent and broke above $4,178.
Sushiswap price movement in the last 24 hours: Sushiswap retraces below $11
SUSHI/USD has been in a range of $11.2 to $11.7 over the past 24 hours, indicating significant price fluctuations. Trading volume has dropped by 40%, with just shy of $215 billion changing hands, while the market capitalization stands at roughly $1.387 billion, placing it in 75th place globally.
SUSHI/USD 4-hour chart: SUSHI to see more downside before reversal
On the 4-hour chart, we can see that the Sushiswap price action is still looking for further downside to establish a higher low and reverse from.
So far, this month’s Sushiswap price action has largely been in consolidation. Resistance emerges at $11.5-$12, with support found at $9.5-$10.
SUSHI/USD extended its advance after breaking above the $11 resistance on October 13th, reaching a high of $12. Since then, a retracement has occurred in recent hours as further upside was unable to be attained.
Overall, Sushiswap price action still has to retrace before additional gains are possible. The higher high set over the weekend, on the other hand, suggests that market momentum is increasingly more bullish.
Sushiswap Price Analysis: Conclusion
Today’s sushiswap price analysis is bearish since the $11 support has been broken, and following a higher high achieved at $12 last weekend, there will be more retracement. As a result, SUSHI/USD will most likely test the $10.5 mark in the next 24 hours.