Sushiswap price analysis: Sushiswap breaks $6.50, swift move to $5 ahead?

TL;DR Breakdown

• SUSHI moved sideways over the past 24 hours.
• Support around $6.5 broke after several retests.
• Next target at the $5 mark.

Sushiswap price analysis is bearish for the next 24 hours as the market broke below the $6.5 support earlier today. Therefore, we can expect SUSHI/USD to move towards the $5 mark over the weekend and set another significant lower low.

The overall market trades with a strong bearish momentum over the past 24 hours. Bitcoin has decreased by 8 percent, while Ethereum by 9.65 percent. The rest of the crypto market follows this pattern with an even more substantial loss.

Sushiswap price movement in the last 24 hours

SUSHI/USD traded in a range of $6.18 – $7.34, indicating strong volatility over the last 24 hours. Meanwhile, the total trading volume stands at $188 billion, which is down by 7.4 percent. The total market capitalization trades around $792.8 billion, ranking the cryptocurrency in 73rd place overall.

SUSHI/USD 4-hour chart – SUSHI breaks the $6.5 mark

On the 4-hour chart, we can see the Sushiswap price action moving below the $6.5 support as bears are ready to push the market lower again.

The overall market trades with a strong bearish momentum over the past weeks after a high was set at the end of May. On the 3rd of June, the $13.5 previous swing high was retested and bulls failed to push the market any higher. 

From this price action development, SUSHI/USD started to move lower again and moved to the previous low of around $9.50. Some initial support was found around this price area on the 8th of June. However, after some consolidation and a slight bounce, bears took the market lower and the $9.50 support was retested as a resistance on the 15th of June.

From there, the market price dropped further until the $6.50 mark was reached. After moving sideways above the support for several days, SUSHI/USD broke below it earlier today, signaling that the market wants to test further downside.

Therefore, we can expect SUSHI/USD to push lower over the weekend and try to set further lows, with the next major support level located around the $5 mark.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish for the upcoming 24 hours as the market is ready to move lower again after a break below the $6.50 support. This price action development should lead SUSHI/USD towards further downside over the weekend, with the next target insight around the $5 mark.

While waiting for Sushiswap price to drop further, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

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.

Source: https://www.cryptopolitan.com/sushiswap-price-analysis-2021-06-25/