- Sushiswap price analysis is bullish.
- SUSHI/USD retests the $12 support for the second time.
- SUSHI currently rejects further downside.
Sushiswap price analysis is bullish for today as the market moved for a second retest of the $12. Since further upside currently gets rejected, we expect SUSHI/USD to move higher over the next 24 hours and look to regain some of the loss.
Sushiswap price movement in the last 24 hours: Sushiswap fails to move past $13, moves for a second test of the $12 support
SUSHI/USD traded in a range of $11.83 – $13.10, indicating mild volatility over the last 24 hours. Trading volume has decreased by 59.88 percent and totals $373.24 billion, while the total market capitalization trades around $1.53 billion, ranking the coin in 74th place overall.
SUSHI/USD 4-hour chart: SUSHI ready to reverse?
On the 4-hour chart, we can see the Sushiswap price rejecting further downside, indicating a potential reversal later today.
Sushiswap price has seen strong volatility over the past weeks. After a sharp spike lower on the 7th of September, SUSHI/USD found support around the $10 mark.
After retesting the support twice, a strong move higher on Tuesday resulted in a new several-month high set around the $16 mark on the 16th of September. However, from there, SUSHI saw a strong retracement over the following 24 hours.
Yesterday, the first signs of support were seen just above the $12 mark. After some upside momentum, the Sushiswap price reversed again overnight, resulting in another move lower today.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bullish for today as a new higher low currently gets established around the $12 mark. Since further downside currently gets rejected, we expect SUSHI/USD to reverse later today and look to become bullish next week.
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