- Sushiswap price analysis is bearish for today.
- SUSHI/USD saw a quick spike to $11 today.
- SUSHI is likely to consolidate around $10 today.
Sushiswap price analysis is bearish today as the market saw a quick spike to the $11 mark after dipping below $9 this morning. Since SUSHI/USD rejects further upside right now, we expect bearish momentum to follow, likely resulting in a consolidation of around $10 today.
The overall market traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.78 and 0.59 percent, respectively. Meanwhile, the top altcoins have declined by 3-5 percent.
Sushiswap price movement in the last 24 hours: Sushiswap spikes to $11
SUSHI/USD traded in a range of $8.53 – $10.80, indicating strong volatility over the last 24 hours. Trading volume has increased by 78.66 percent and totals $600 million, while the total market cap trades around $1.32 billion, ranking the coin in 74th place overall.
SUSHI/USD 4-hour chart: SUSHI looks to move lower again?
On the 4-hour chart, we can see the Sushiswap price action rejecting further upside, indicating an upcoming reversal towards previous support levels.
Sushiswap price action has seen huge volatility so far this month. After a strong drop to the $10 mark on the 7th of September, a reversal followed after several days of consolidation.
SUSHI/USD saw a several-day rally during the month, resulting in a higher high set around $16. However, from there, bears took over the market momentum again.
SUSHI saw a steady decline most of the last week, with a new lower low set early this week around the $9 mark. From there, a slight upwards reaction was seen during the middle of the week, followed by another test of the $9 support.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bearish for today as further upside gets rejected after a quick spike to the $11 resistance. Therefore, we expect SUSHI/USD to retrace some of the gains later today and likely consolidate above the previous support of $9.
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