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20 September 2021
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Sushiswap Price Analysis: SUSHI spikes to $13, set to slowly reverse overnight?

Sushiswap price analysis indicates bearish price action to follow as bulls are exhausted after a rapid advance to the $13 mark over the past 24 hours. Therefore, we expect SUSHI/USD to retrace and retest the previous resistance of $12 as support.

Sushiswap Price Analysis: SUSHI spikes to $13, set to slowly reverse overnight? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Market leaders, Bitcoin and Ethereum, are up by 3.39 and 4.08 percent, respectively. Meanwhile, Polkadot (DOT) lags behind with a loss of 2.29 percent.

Sushiswap price movement in the last 24 hours: Sushiswap reached the $13 resistance

SUSHI/USD traded in a range of $12.45 – $13.28, indicating strong volatility over the last 24 hours. Meanwhile, the trading volume totals $568 billion, up by 41.7 percent from yesterday. The total market cap trades around $1.662 billion, ranking the coin in 73rd place overall.

SUSHI/USD 4-hour chart: SUSHI set to reverse?

On the 4-hour chart, we can see the Sushiswap price becoming exhausted today after a rapid move higher overnight.

Sushiswap Price Analysis: SUSHI spikes to $13, set to reverse overnight?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has seen strong volatility over the past weeks. After setting a new several month high at $14.8, a strong retracement followed during the end of August.

Support was eventually found at the $11 mark, with another rally over the following days. This time, a lower high was set at $14.3, with a strong spike lower to the $10 mark.

After a quick loss of more than 30 percent, SUHSI/USD retested the $10 support twice more over the following week. The Sushiswap price finally managed to break significantly higher yesterday as bulls gained strong momentum past the $12 previous high.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish today as bulls are exhausted after a breakout from the $12 resistance and a spike to $13 resistance. Therefore, SUSHI/USD will likely retrace over the next 24 hours and look to retest the previous resistance of $12 as support.

While waiting for Sushiswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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