Connect with us

Price Analysis

Sushiswap price adds 14% week-to-date, SUSHI rallies 40X in 7 Months



Price Analysis - sushi

The Sushiswap price and its restaurant has been servicing delicacies of late. Apart from the consolidation across the crypto market, impacting DeFi tokens, the Sushi price is still on an uptrend, gaining against major currencies.

As of writing on Mar 16, the Sushi price is stable versus the greenback, adding 14 percent week-to-date but posting minor losses on the last trading day.

Against Bitcoin, SUSHI is stable but weaker against ETH in the past 24 hours. Nonetheless, from a top-down approach, the SUSHI price is firmer against ETH in the previous week of trading, adding 14 percent.

In a reflection of trader apprehensiveness, SUSHI trading volumes are average but considerably lower on the last day.

For instance, the SUSHI average trading volumes are down 22 percent to $525 million from 26 million SUSHI tokens changing hands.

Accordingly—assuming causation, the SUSHI/USDT price remains largely in range, slightly dipping an opportunity for aggressive traders aiming for a moonshot.

Sushiswap Price Overview

Aforementioned, the SUSHI/USDT pair is consolidating. Gains versus the BTC and ETH are minuscule—near negligible. However, the uptrend remains firm.

Depending on the breakout direction, the SUSHI price can either be in distribution or accumulation. The immediate resistance is Mar 13 highs of $23. On the lower end, the middle BB—one of the most useful cryptocurrency trading indicators, and the support trend line can be a reliable buy wall.

Losses below $15—Sep 2020 highs—previous resistance now supports, unwinding gains of Mar 13, could see the SUSHI price crumble towards $10—marking Feb 2021 lows.

Still, the extend of the dip or the breakout’s rapidity above $23 in buy trend continuation depends on the trading volumes.

An uptick exceeding recent averages would spark a new demand wave that would turbo-boost the SUSHI price to new all-time highs.

Sushiswap Market Overview

Sushiswap is an alternative to Uniswap, allowing the staking of Uniswap LP tokens for even more SUSHI. The token is used for governance and distribution of a share of swapping fees.

According to trackers, Sushiswap is one of the largest DeFi protocols, locking over $4.7 billion of digital assets. The SUSHI governance token at 28th with a market cap of $2.4 billion.

It continues to develop, recently launching the Bentobox (a lending platform). Later—and in the course of 2021, it would introduce Miso (a launchpad for projects seeking to crowdfund) and move to Layer-2 to improve user experience by primarily chopping down transaction fees. Unlike Uniswap, Sushiswap will opt for ZK-rollups, moving in sync with the greater Yearn Finance ecosystem.

Sushiswap Price Prediction

Sushiswap price adds 14% week-to-date, SUSHI rallies 40X in 7 Months

The SUSHI/USDT trend is northwards.

At spot rates, the SUSHI price is up nearly 40X after dropping to lows of $0.55.

In the current consolidation, aggressive traders can buy the dips in sync with the existing uptrend. However, for a definitive trend to form—confirming an accumulation (or distribution), the SUSHI price must break above $23.

In that regard, the first target will be $40, the 2.618 Fibonacci extension level of the 2020 trade range.

On the other hand, losses below the middle BB and the trend line opens up the SUSHI price to $10 in a retest of Sep 2020 highs. This level also flashes with Feb 2021 lows.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!