Sushiswap (SUSC) is a cryptocurrency that offers “sushi-swaps”, or a trustless system that allows two people to trade their cryptocurrencies without actually having to exchange them. The idea is that instead of having to meet up and exchange your Bitcoins for fiat currency, you can simply swap cryptocurrencies with someone that you trust, without physical currency ever being involved.
Sushiswap has been in a downtrend for a while now. The cryptocurrency has been struggling to break $9.50, which it did yesterday and reached a high of $9.54. Now, the cryptocurrency is in a downtrend again, testing the $9.50 level for the third time this week.Summary of the situation
- During the night, SUSHI continued to rise.
- Previous support at $9.5 has been tested as resistance.
- The next target is $6.5.
The Sushiswap price analysis for today is bearish, as the market has retested the previous support as resistance and is now preparing for another downward move. Therefore, we expect the SUSHI/USD to reach $6.5 support this week. Crypto-currency heat map. Source: Coin360 The market is trading higher today, with bitcoin up 1.5% and Ethereum up 4%. Polkadot and Matic were among the best performers, up 12% and 15% respectively.
SushiSwap price fluctuations in the last 24 hours
SUSHI/USD was trading in the range of $8.70 – $9.64, indicating moderate volatility. The total value of the market is about $1.16 billion and trading volume increased 19.74% in 24 hours to $287.2 billion.
SUSHI/USD 4 HOURS Chart – SUSHI Retests $9.5 Resistance
On the 4-hour chart, you can see that the price of Sushiswap is retesting the previous support at $9.5 as resistance as the bears prepare to push the market lower. SUSHI/USD chart 4 hours. Source: TradingView Sushiswap’s share price has fallen in recent weeks. After hitting a new multi-month low of $6.5 in late May, SUSHI/USD quickly rebounded to $13.5 after building some upside momentum. This was followed by a pullback to $9.5 support and the subsequent second test of the $13.5 resistance level. After some consolidation, Sushiswap’s price action has started to fall again. In the weeks that followed, SUSHI fell by 40% until support was found around the $8 level. After testing the $8 level the SUSHI started to make up some of its losses of the past few days and approached the previous support level of $9.5 to test it again as a resistance. Therefore, we can expect the SUSHI/USD to reverse and turn lower. The next support target is around the $6.5 level, which, if reached, would represent a drop of about 30% from the current price. From here, a double bottom is likely to form and Sushiswap’s price action will follow a higher trend.
SushiSwap price analysis: Supplement
Sushiswap’s price analysis is bearish as bears try to take control of the market after retesting the $9.5 price level as resistance. Therefore, we expect SUSHI/USD to decline and head towards the next important support level around $6.5. If the price of Sushiswap drops, check out our guides on Cardano problems and how to trade bitcoin and bitcoin transactions. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.