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- Sushiswap price analysis is bullish today.
- SUSHI/USD broke out of $12 resistance.
- Bullish momentum peaked at $13.
Sushiswap price analysis is bullish today as a strong higher high was set yesterday, followed by a slight retracement overnight. Therefore, we could see SUSHI/USD push higher later today, with the $14 mark as the next major target.
The overall market saw mostly bullish momentum over the last 24 hours. Bitcoin rallied 1.08 percent, while Ethereum was 1.88 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 18 percent.
Sushiswap price movement in the last 24 hours: Sushiswap sets strong higher high at $13
SUSHI/USD traded in a range of $11.62 – $13.10, indicating strong volatility over the last 24 hours. Trading volume also saw a strong increase of 106 percent, totaling $719 million. The total market cap traded at $1.58 billion, ranking the coin in 82nd place overall.
SUSHI/USD 4-hour chart: SUSHI is currently under heavy selling pressure
On the 4-hour chart, we can see the Sushiswap price moving lower this morning as profit-taking is taking place below the $13 high.
Sushiswap price action saw a several-week consolidation. Resistance was established around $12, with the $11 mark acting as a centerline. Slightly lower lows were set over the end of October, indicating bearish momentum forming after more upside was rejected.
However, SUSHI/USD set a clear higher high on the 1st of November, leading to a sharp rally over the past 24 hours. Sushiswap peaked around $13 and has since seen a slight retracement as bulls likely prepare for another push higher.
Therefore, we have seen bullish momentum return in the market. If the current swing low around $12.3 holds, we can expect further upside later today. The likely target for SUSHI/USD is located at the $14 mark, as it previously served as a strong reversal point.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bullish today as we saw a strong advance yesterday, followed by a retracement overnight. Likely, SUSHI/USD will soon be ready to push further, with a higher low set around $12.3.
While waiting for Sushiswap to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.