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Sushiswap Price Analysis: SUSHI retraces to $10 major support, a reversal from there?


TL;DR Breakdown

  • Sushiswap price analysis is bullish for today.
  • SUSHI/USD saw further downside over the last 24 hours.
  • SUSHI found support at the $10 mark today.

Sushiswap price analysis is bullish for today as the market retraced to the $10 mark over the last 24 hours and showed signs of rejection for further downside. Therefore, we expect SUSHI/USD to reverse and regain some of the loss later today.

Sushiswap Price Analysis: SUSHI retraces to $10 major support, a reversal from there? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 7.9 percent, while Ethereum has lost 8.72 percent. Avalanche (AVAX) is among the worst performers today, with a loss of 18 percent.

Sushiswap price movement in the last 24 hours: Sushiswap drops to $10 support

SUSHI/USD traded in a range of $9.98 – $12.35, indicating large volatility over the last 24 hours. Trading volume has increased by 45 percent and totals $525.85 billion. Meanwhile, the total market capitalization trades around $1.36 billion, ranking the coin in 76th place overall.

SUSHI/USD 4-hour chart: SUSHI ready to reverse from the $10 support?

On the 4-hour chart, we can see the Sushiswap price rejecting further downside above the $10 mark, indicating an upcoming reversal.

Sushiswap Price Analysis: SUSHI retraces to $10 major support, a reversal from there?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has seen strong volatility return over the past week. After spiking to the $10 mark on the 7th of September, SUSHI/USD consolidated and retested the $10 support twice over the following days.

On the 13th of September, the market went for another test of further upside, this time pushing above the $12 local resistance. What followed was a rally over the next 24 hours until a new higher high was set at $16.

However, bullish momentum was exhausted around this price mark, and a sharp reversal followed. The Sushiswap price retraced by more than 40 percent until support was found around the $10 support earlier today. As long as bulls keep rejecting more downside, we expect a reversal to follow later this week.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish for today as support was found above the $10 mark earlier today after a very strong decline over the last 24 hours. Therefore, we expect SUSHI/USD to reverse and regain some of the loss over the next 24 hours.

While waiting for Sushiswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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