- SUSHI spiked to $10.5.
- Previous higher lows are broken.
- Closest major resistance at $15.25.
Today’s Sushiswap price prediction is bullish as the market spiked lower over the past hours and currently starts to retrace some of the loos. Therefore, we expect SUSHI/USD to move higher over the next 24 hours to return above the $15.25 support.
The cryptocurrency market is in a sharp decline over the last 24 hours. The market leader, Bitcoin has lost 18.37 percent, while Ethereum has declined by more than 25.5 percent. The rest of the altcoin market follows this pattern with an equally strong decline.
SUSHI/USD opened at $21,444 today after a strong push higher yesterday above the $22 mark. From there, the Sushiswap price action reversed drastically and started pushing lower overnight. Over the past hours, SUSHI/USD spiked to the $10.5 mark, resulting in a total retracement of almost 55 percent.
Sushiswap price movement in the last 24 hours
The SUSHI/USD traded in a range of $10.38 – $22.52, indicating severe volatility over the last 24 hours. Trading volume has increased by 86.67 percent and totals $2.7 billion. The total market cap trades at $1.8 billion, ranking the coin in 54th place overall.
SUSHI/USD 4-hour chart – SUSHI breaks previous lows
On the 4-hour chart, we can see SUSHI/USD regaining some of the previous loss as the market trades back above the $14 mark.
The overall Sushiswap price action structure has slowly traded higher over the past weeks after establishing support around the $10.5 support area at the end of April. The market almost reached the previous all-time high above the $23 mark. However, a sharp reversal was seen overnight.
So far, SUSHI/USD has retraced by almost 55 percent until support was found at $10.5. Since it was briefly tested, we should see further upside as bulls look to regain control. The market price has already returned above the $14 mark, indicating that further lower lows will likely not be seen later this week.
However, SUSHI could retrace to set a higher low over the upcoming 24 hours after retesting the $15.25 resistance. From there, bulls should regain control and continue pushing the market price higher over the remainder of the month.
Sushiswap Price Prediction: Conclusion
Sushiswap price prediction is bullish as the market spiked to the $10.5 mark over the last hours and started to regain some of the loss. Therefore, we expect SUSHI/USD to move higher over the next 24 hours and move back above the $15.25 support.
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