SushiSwap price prediction as SUSHI makes a comeback 

Date:

SushiSwap price has made a strong comeback this week as investors react to several important ecosystem news. SUSHI soared to a high of $1.3328, which was the highest level since September 10 of this year. It has jumped by more than 54% from its lowest level this year.

Why is SUSHI soaring?

SushiSwap is one of the biggest players in the Decentralized Finance (DeFi) industry. It is an alternative to Uniswap and PancakeSwap in that it lets people swap tokens at a slightly small cost. Further, the platform has a cross-chain swapping feature and the ability to earn fees by providing liquidity to the network.

SushiSwap product is available across most blockchains like Ethereum, Arbitrum, Polygon, Harmony, and Avalanche. All these versions have a combined market cap of more than $515 million. Ethereum’s version has the biggest share since it has over $373 million in assets. At its peak, SusshiSwap had a total value locked of over $5 billion.

SUSHI price rose sharply this week after some important cryptocurrency news in the ecosystem. First, Sushi DAO announced that it was changing its leadership team. Jared Grey was elected as the “head chef”, the equivalent of a CEO. 

Grey is a highly experienced professional who has established several crypto startups in the past few years. In a statement, he said that he will focus his time on revenue and market share growth. The DAO faces significant competition from the likes of dYdX and Uniswap.

Still, it is unclear how long he will keep his job since several officials have left the organization in the past few months. Jonathan Howard left his CEO role in August.

Another main reason why the SushiSwap price has done well is that GoldenTree Asset Management said that it had invested in the token. It acquired tokens worth over $5.2 million.

SushiSwap price prediction

Turning to the daily chart, we see that the SUSHI price has risen in the past five straight days. In this period, it has risen to the upper side of the symmetrical triangle pattern that is shown in purple. It has also risen slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.

Therefore, I suspect that the SushiSwap price will resume the bearish trend as sellers target the lower side of the triangle pattern at $1.02.

How to buy SushiSwap

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Self-Care Strategies for Enhancing Mental Health

In our fast-paced, demanding world, it's easy to get...

Custom Display Boxes: Boost Sales By Making Appearance Appealing 

The appearance of all products depends on their display...

Voice-Activation Technology: the future of Smart Home Devices

Our fast-paced lives, people all want ease of use. We...

Server Maintenance Checklist: Ensuring Smooth Operations and Data Security

Servers form the foundation of modern companies, offering the...