SushiSwap Price Up By 0.91% – Time To Buy SUSHI?
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- Investors looking to buy SUSHI would be impressed with its 24-hour performance in the face of a market correction
- Despite the 24-hour gain, SUSHI’s technicals show that it still needs some momentum to remain on a steady bullish trend
- SushiSwap recently integrated Stargate – an omnichain liquidity protocol
While the broader market appears to be consolidating after two days of gains, some assets have been able to deliver gains. With investors looking to limit their downside, many will be looking to buy SUSHI as the asset remains positive after a 24-hour window.
Below, we’ll analyse the price of SushiSwap to determine if it is a good time to purchase the crypto asset.
SUSHI Technical Analysis: Entering A Key 24-Hour Period
Currently, SUSHI trades at $3.54 – a gain of 0.91% in the past 24 hours. The asset is trading against the broader crypto market, which has lost 0.03% of its value in the past 24 hours. Investors can buy SUSHI now as it has maintained its bullish trend in spite of the broader market’s rebalancing.
Despite its price gain, SUSHI is trailing most of its moving average (MA) indicators. Its 10-day MA of $3.329 and 50-day MA of $3.456 are below its current price. This shows that SUSHI is only slightly bullish.
The digital asset’s last major high of $8.80 could serve as its resistance level. Crossing it would show investors that it is a good time to buy SUSHI.
With a negative moving average convergence divergence (MACD), SUSHI shows a sell signal. However, the MACD is set at -0.058, meaning that SUSHI might gain momentum to flip bullish if it performs strongly in the next 24 hours.
Grayscale Gives SUSHI The Boot
While SUSHI has managed to buck the recent consolidation, the asset hasn’t performed so well in the past month. The digital asset erased the gains it accumulated in the last two weeks and is now trading with a mere 12% gain in the past month.
The recent drop appears to be due to a reduction in institutional demand. Earlier this month, Grayscale Investments conducted a rebalancing of its Decentralized Finance (DeFi) Fund, and the asset management firm decided to delist SUSHI. This didn’t help the coin’s optics.
SushiSwap Entering Into The Stargate
The SushiSwap community recently got a boost as the protocol integrated Stargate – an omnichain asset transfer protocol.
This integration offers guaranteed finality and improved liquidity to investors and traders on SushiSwap. Analysts expect this to boost the protocol’s on-chain activity and adoption.
The Stargate integration also opens SushiSwap to multiple networks, allowing the exchange to maximise volumes across its pools.
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