SushiSwap: Deciphering How SUSHI Is Posting Unparalleled Price Growth
October 08 2022 - 3:55AM
NEWSBTC
Positive developments in the marketplace have led to a rise in
SushiSwap share price. Asset management business Golden Tree has
bet around $5.3 million on SushiSwap. The news caused a
nearly 15% increase in SushiSwap’s share price the day after
it was released. Since the uptick of August 31–September 10, this
is one of SushiSwap’s most rapid periods of expansion. The fall
that occurred on September 13 as a result of negative
macroeconomic pressures was almost entirely erased due to this
rally. SushiSwap has a current TVL of $607.51 million. Increased
network activity was also noted, according to Santiment’s analysis
of the price spike that was also made public. They also saw the
rise in both network activity and address creation. However, what
does this mean for SUSHI generally? Expanding The Protocol As
stated in a thread on the SushiSwap site, Golden Tree has faith in
the potential of the entire Sushi protocol, praising its resilience
along with that of the community that supports it. The company
stated that with the funding, they will be able to contribute in
the development and expansion of the protocol’s various components,
such as Kuro (a loan service) and Trident. This investment has a
tremendous impact on the development aspect of things. This is the
significant increase in on-chain development activity. Related
Reading: Shiba Inu: How This Newly Found Support Will Boost SHIB
Price This Week SushiSwap Served On The Green The graphs depict
this optimistic prognosis for SUSHI. Since October 4, the intraday
time scale has displayed green candlesticks until now. The upswing
surpassed the $1.1413 resistance level, which had previously
resisted a breach. Image: TradingView.com The current surge is
supported by the middle line of the Bollinger band and the 20, 50,
and 100-day simple moving averages. This rally should be viewed
with caution, however. When the bulls reach a substantial level of
resistance, a rise of this magnitude may be met by a robust
reversal. Currently, there’s a lengthy rejection
of $1.4282. This adjustment is already visible on shorter time
scales. On the 1-hour time frame, a downward trend is forming.
Currently, bulls have sufficient momentum to challenge the $1.4282
resistance level. The bulls should defend the $1.1587 support line
if the price falls. A long position may be untenable for investors
and traders at the moment. Investors and traders can enter the
market at the present price and establish a stop loss at $1.4194.
Meanwhile, long-term SUSHI holders can rejoice at this relatively
recent rally. Related Reading: Hedera: Investors Should Check Out
These Data Before Buying HBAR SUSHI market cap at $173 million |
Featured image from The Market Periodical, Chart: TradingView.com
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