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Uniswap Price Analysis: SUSHI stuck at $10, bears prepare to take over?

TL;DR Breakdown

Sushiswap price analysis is bearish today.
SUSHI/USD spiked to $10.88
The coin recorded massive selling pressure in the past few hours.

The SUSHI/USD price is bearish today as strong selling pressure has resumed after a brief surge to $10.88 this morning. As a result, we expect the SUSHI/USD pair to continue to fall over the next 24 hours.

Uniswap Price Analysis: SUSHI stuck at $10, bears prepare to take over? 1 — Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.87 percent. Ethereum gained 5.33 percent, becoming the top performer on the daily chart.

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

The price of SUSHI/USD fluctuated between $10.33 and $10.88 during the previous 24 hours, suggesting mild fluctuations in pricing. The total volume has risen by 35.32 percent to $292.35 billion, while the overall market capitalization is about $1.29 billion, placing it in 79th position globally.

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

On the 4-hour chart, the Sushiswap price has refused to rise any higher today, suggesting that more downsizing will come in the coming 24 hours.

Uniswap Price Analysis: SUSHI stuck at $10, bears prepare to take over? 2 — SUSHI/USD 4-hour chart. Source: TradingView

Over the past several weeks, the price of Sushiswap has been in a sideways range. Several tests have been conducted on both sides of a trading range of approximately $10-$11. SUSHI/USD, on the other hand, has yet to establish a strong breakaway to either side.

SUSHI/USD has been trading in a tight range for the past few days, and it appears that there is more to come. After remaining above the $11 mark late last week, SUSHI/USD gradually receded back to the $10 support over the previous days. A quick spike higher recently tested the $11 level once again

The Sushiswap price fall indicates we will see additional losses for the next 24 hours. The $10 support is expected to be broken, in which case the next support level is set at approximately $9.

Sushiswap Price Analysis: Conclusion

Today’s Sushiswap price analysis is bearish, as the upside was strongly rejected this morning, indicating that bears are still in control. We anticipate that SUSHI/USD will continue to fall later today as a result.

While you wait for Sushiswap to go further, read our articles on the Best NFT Marketplaces, NFT History and Development, as well as NFT Music.

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