Sushiswap price analysis is bearish today.SUSHI/USD spiked to $11.Heavy selling pressure was seen over the past hours.
Sushiswap price analysis is bearish today as strong selling pressure has returned after a quick spike to $11 this morning. Therefore, we expect SUSHI/USD to continue lower over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The overall market traded mostly in the green over the last 24 hours despite Bitcoin losing 3.83 percent. Ethereum gained 0.16 percent, while Binance Coin (BNB) is the top performer, with a gain of 15.27 percent.
Sushiswap price movement in the last 24 hours: Sushiswap spikes to $11 after consolidation overnight
SUSHI/USD traded in a range of $9.67 – $10.63, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.32 percent and totals $292.35 billion, while the total market cap trades around $1.29 billion, ranking the coin in 79th place overall.
SUSHI/USD 4-hour chart: SUSHI headed below $10 next?
On the 4-hour chart, we can see the Sushiswap price rejecting further upside today, indicating more downside will follow over the next 24 hours.
SUSHI/USD 4-hour chart. Source: TradingView
Sushiswap price has seen sideways price action over the past weeks. A trading range of around $10-$11 was seen tested several times to both sides. However, SUSHI/USD is yet to set a clear breakout to either side.
After a brief move above the $11 mark late last week, SUSHI/USD slowly retraced back to the $10 support over the past days. Earlier today, a quick spike higher retested the $11 mark, with heavy selling pressure returning over the past hours.
The Sushiswap price action development indicates we will see further downside over the next 24 hours. Likely the $10 support will finally be broken, in this case, the next support is located around the $9 mark.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bearish today as upside was heavily rejected this morning, indicating that bears are still in control. Therefore, we expect SUSHI/USD to continue moving lower later today.
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