Sushiswap price analysis today was bullish as downside momentum was again rejected, indicating that the bulls are still gaining momentum to try to break above the USD 11 resistance. Therefore, we expect SUSHI/USD to climb higher in the next 24 hours and target the $12 resistance. .
The cryptocurrency market has been trading green for the past 24 hours, with Bitcoin leading the way with a plus value of 5.54 percent. Ethereum followed with a 5.19% gain, while Shiba Inu (SHIB) continued to dominate the market with a gain of nearly 50%.
Sushi swap price movement over the last 24 hours: Sushi swap finds support above $10 again
SUSHI/USD is trading in the $10.04 – $10.92 range, showing little volatility over the last 24 hours. Trading volume fell 11.1 percent to $275.4 billion, while the total market cap traded at around $1.35 billion, placing the coin at number 79 overall.
SUSHI / USD 4 Hours Chart: SUSHI Will Break USD 11 Today?
On the 4 hours chart, we can see that the sushi swap price action is still consolidating as the bulls prepare to break higher.
Sushi swap price movements have marked strong downward momentum in recent weeks. After a sharp drop from the previous big $16 spike, support was finally pegged around $9 in September.
The spike higher since then was seen on Sept. 26, with the next rebound marking a higher high of $9.25. From there, SUSHI/USD hit a lower high around $1.25 in the first few days of December.
Overall, the development of the sushi swap price movement shows that the market is currently still undecided. We are likely to see further consolidation in the next 24 hours. However, a break above $11 is a great opportunity.
Sushi swap price analysis: conclusion
Sushiswap’s price analysis today is bullish as all other shortfalls above $10 have been ruled out again, indicating that a new higher floor has been set. Therefore, we expect SUSHI/USD to consolidate further or break above USD 11 in the next 24 hours.