SushiSwap Price Up By 11.08% – Time to Buy SUSHI Coin?
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The SushiSwap crypto protocol has been on a downward trend in recent weeks; however, the digital asset is presently on the rise, and investors are keen to buy SUSHI.
SushiSwap is a protocol running on the Ethereum network that aims to incentivise a community of users to operate on a platform to buy and trade crypto assets.
The Automated Market Maker (AMM) has become synonymous with the decentralised finance (DeFi) movement and the ensuing DeFi token trading frenzy.
SushiSwap seeks to broaden the AMM market by introducing features that past rivals never did. This moment could be the perfect opportunity to buy SUSHI based on the asset’s technical and fundamental growth.
Sushi Welcoming Back The Bulls
At press time, SUSHI is trading at $6.00. This price reflects an 11.08% increase in the last 24 hours. The digital asset is ranked as the 112th most valuable cryptocurrency in the global crypto market, with an asset dominance of 0.03%.
The Sushiswap utility token has a 24-hour trading volume of $380.7 million, up 99.56% in the past day. SUSHI’s fully diluted market cap value is set at $1.5 billion, with a remarkable 10.59% increase in the last 24 hours.
The digital asset recorded a 29.06% decrease in value in the last six months. However, the Uniswap competitor has seen remarkable growth in value in the past year by 135.02%, and the year-to-date (YTD) value has grown by 110.11%.
The asset’s growth in price indicates the resilience of SUSHI and its ability to break into the bullish market after a bearish stint. This upward trajectory in the coin price is a strong motivation for investors to buy SUSHI.
On July 16, the SUSHI token was trading at $7.545, but on August 26, the digital asset jumped to $12.275, a significant increase from its previous price peg.
The digital coin’s price continued to rise, peaking at $12.904 on September 6 before sitting at a modest $10.649 on October 16.
SUSHI again gained traction, rising above the October 16 price peg to $11.610 a month later on November 16, before falling to its current price of $6.
SUSHI Technical and Fundamental Analysis
The SushiSwap token’s technical indicators reflect a bearish run with the coin trading below the 20-day moving average (MA) support price of $6.657.
The current price also sits well below the 200-day moving average (MA) support price of $9.884, indicating a long term bearish run. However, this presents a unique opportunity to buy SUSHI and rise with the market.
On the 14-day Relative Strength index (RSI) chart, SUSHI is in the underbought region with a value of 41.39. The Moving Average Convergence and Divergence (MACD) confirms this with the blue line slightly above the yellow, pointing to a buy signal.
SUSHI tends to trade at a discount price compared to its Ethereum rivals. Its continuous discount might be due to a variety of factors, including its slightly more tumultuous beginnings and its more unstable management structure.
Following the recent resignation of SUSHI Chief Technology Officer (CTO) Joseph Delong, the blockchain company has laid down plans to restructure its management and technical framework. The proposed restructuring would give SUSHI the leverage to upscale to even better price points in the crypto market.
In addition, ParaSwap is working on a three months liquidity program that will incorporate SUSHI tokens. The proposal, which is up to vote, will enable token swaps of most ERC-20 tokens on the DEX platform.
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