Sushiswap price analysis: Bears restrict SUSHI below $10 to maintain downward bias

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  • Sushiswap price analysis is bearish today.
  • Bears reject price at $11.0.
  • Strong support for SUSHI is found at $9.4.

The Sushiswap price analysis is showing bearish signs today again after yesterday’s spike. SUSHI/USD was unable to break above the $11.0 level, and bears returned to maintain the downwards price trend they set over the past weeks. The selling pressure exists at the level of $11, and SUSHI is finding it hard to pass through.

Yesterday a spike in price was observed amid the overall downwards price function, but today again, the bears are countering the gains by dragging the price down as selling pressure from the market comes into play. Despite the overall altcoins reporting gains, yet SUSHI is correcting again in the lower price envelope.

SUSHI/USD 1-day price chart: Bears reject further price spike

The 1-day Sushiswap price analysis shows a decline in the price has happened today, and SUSHI is again suffering from loss. Bears diverted the bullish efforts and are trying to restrict the price below the previous price channel. The SUSHI/USD pair is trading hands at $10.9 at the time of writing.

Sushiswap price analysis: Bears restrict SUSHI below $10 to maintain downward bias 1
SUSHI/USD 1-day price chart. Source: Tradingview

The volatility has increased during the last few days and is still prevalent with Bollinger bands banks moving further apart from one another. The upper band is present at the $14.6 mark, while the lower band is present at the $8.2 mark, and the mean average is found at the $11.4 mark above the price level.

The relative strength index (RSI) is on a slight downwards slope almost at the center of the neutral zone at 47 index; the indicators show the entrance of sellers in the market for SUSHI/USD.

The MACD indicator had remained bearish since 20th September, when the last crossover was observed. Despite the bullish spikes noted during the last week, the indicator remained bearish, suggesting the bullish efforts were not of the magnitude required to make sushi in the upper price channel. Though today the MACD histogram is lighter in color but is still bearish.

Sushiswap price analysis: Bears defining the price curve

The 4-hour price chart for Sushiswap price analysis shows bears have taken over the market. The selling pressure is continuously working by lowering the price value, as red candlesticks are appearing on the chart since the start of today’s session.

Sushiswap price analysis: Bears restrict SUSHI below $10 to maintain downward bias 2
SUSHI/USD 4-hours price chart. Source: Tradingview

The volatility is high for SUSHI as Bollinger bands are expanding with time, and the price level is going down after touching the upper limit of the Bollinger bands yesterday. The RSI is also decreasing in recent hours though still at a good value of 56.

The moving average (MA) is going upwards towards the dropping price levels, and if MA travels above the price level, that will mark the further bearish indication, and we might observe a further drop in price. Even though the MA10 and EMA10 are supporting the buying of SUSHI assets, but even the mid-term MA20 and EMA20 suggest selling of assets due to the previous weeks’ trend.

Sushiswap price analysis: Conclusion

The Sushiswap price analysis report shows a devaluation of SUSHI/USD, as the price has been lowering for the past few hours and no resistanceSushiswap price analysis: Bears restrict SUSHI below $11.3 to maintain the downwards price trend from SUSHI bulls has been observed. The price has come down to $10.9, and chances are there for a further decrease.

A few short-term indications are there for buying, but other technical indicators don’t support them confidently, and the price can come down to $10 in the coming hours.

Source: cryptopolitan.com

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