- Sushi continued its uptrend with an over 2% increase.
- The Funding Rate also remained positive at press time.
SushiSwap [SUSHI] has seen a large price boost, making it one of the current market’s winners. Is this bullish feeling shared by derivative traders as a result of the price uptrend?
SushiSwap Increased By More Than 80%
SushiSwap is one of the most prominent beneficiaries of the current cryptocurrency bull market. This optimistic trend is due in part to the recent increase in the value of Bitcoin [BTC] over the last several weeks.
Profits from Bitcoin’s price above $34,000 have flooded into these altcoins. Furthermore, according to a Santiment analysis, its value has increased by an astonishing 82% in the last week.
🥳 #Altcoins are continuing to make up for lost time. As #Bitcoin continues resting just below $35K, profits from the past couple weeks continue funneling into large and mid cap assets like $SNT (+108% in 7 days), $SUSHI (+82% in 7 days), and $BLZ (+39% in 7 days). pic.twitter.com/vFookgr47m
— Santiment (@santimentfeed) November 4, 2023
Trend Analysis of SUSHI
A substantial amount of SushiSwap’s astounding 80% value increase occurred on a single trade on the daily period chart. On November 1, trade accounted for 47.80% of the increase.
Following that, the asset dropped by more than 8% in the following trading session. It remained, however, inside the new price range. It was selling at roughly $1.0 at the time of writing, representing a 2% gain in value.
In addition, the Relative Strength Index (RSI) indicated the possibility of a price correction in the near future. At the time of writing, the RSI had moved above 80, indicating that the asset was overbought and in a positive trend.
Furthermore, the dropping trading volume suggested that a price correction was imminent.
Derivative Traders Bank On Price Increase
An examination of the funding rate on Coinglass reveals that derivative market traders have a favorable perspective on pricing as well. SushiSwap’s funding rate has reached its highest level in some months, hovering around 0.2%.
Following that, it gradually fell but remained positive, standing at roughly 0.01% at the time of this report.
Furthermore, the liquidation chart demonstrated that the price rise resulted in an increase in liquidations. There was just a tiny difference between short and long liquidations at the time of publication.
Short liquidations totaled around $213,000, while long liquidations totaled approximately $218,000.
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