TL;DR Breakdown
- Sushiswap price analysis is bullish for today.
- SUSHI/USD saw further downside over the last 24 hours.
- SUSHI/USD will need to exceed the local resistance at $10.35.
The price analysis of Sushiswap is favorable for now, as the market has retraced to the $10 mark in the last 24 hours and has indicated resistance to more losses. As a result, we anticipate that SUSHI/USD will reverse and recoup some of its losses later today.
Sushiswap price movement in the last 24 hours: Sushiswap are finding stronger support beyond $10
SUSHI/USD has been fluctuating between $9.98 and $12.35 since yesterday, suggesting a significant price movement in the last 24 hours. SUSHI/USD dropped to a low of $9.0 today, reaching strong support at this level and signaling that the market is looking to reverse further losses.
On the daily chart, we can see that SUSHISWAP/USD has dropped below a critical support level around $9.1 and formed a double bottom pattern which serves as a strong buy signal. As the market has retraced to the $9.5 mark, we anticipate that SUSHI/USD will reverse and rise above $10 again.
SUSHI/USD 4-hour chart: SUSHI ready to reverse from the $10 support?
On the four-hour Sushiswap price analysis chart, reversed its downward trend and is now heading higher after dropping below $10. In the 4-hour chart, SUSHI/USD is currently finding support at $10 and is ready to reverse.
SUSHI/USD 4-hour chart. Source: TradingView
Over the previous seven days, the price of Sushiswap has been fluctuating dramatically. Following a jump to $10 on September 7, SUSHI/USD remained consolidating and retested the $10 support twice over the following days.
On September 13, the price was put to the test for the second time in a week. The market advanced above $12 local resistance and then rallied for 24 hours before topping out at $16.
Bears dominated the market, and the Sushiswap price tumbled by more than 40% until support was found around $10 earlier today. We anticipate a reversal to happen later in the week if bulls continue to reject additional downside.
We can see from the 4-hour chart that technical indicators are suggesting a further rise. The MACD and RSI both have positive momentum, indicating that buyers may be regaining control of the market.
Sushiswap Price Analysis: Conclusion
SUSHI/USD will need to exceed the local resistance at $10.35, which is a crucial level given that it has been historical support for the Sushiswap market in recent weeks. If confirmed, this will allow the price to rally up to its previous peaks near $20 and continue above them with a positive momentum going into the following week.
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