July 25, 2024
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Troubled SushiSwap Investors Could Ease Up Thanks to SUSHI’s Latest…

SushiSwap [SUSHI], a decentralized exchange, hasn’t been performing well for a while. The exchange has had a particularly bad run in recent days.SushiSwp was recently the target of a white-hat exploit, resulting in a loss of about 1800 ETH. To add to the bad news, 

SushiSwap’s trading volumes have been unsatisfactory, particularly in the previous year.

SushiSwap’s trade volumes remained lower than Uniswap’s for the most of the year, according to crypto analytical portal Kaiko. However, the former’s trading volume only managed to outnumber Uniswap once.

SushiSwap was unable to keep its ground at the time of writing. According to Santiment data, development activity on the SushiSwap network did not appear to be at its peak.

Furthermore, it had a decline after a brief gain on April 8. However, the total number of holders did not fall significantly as projected and managed to remain consistent with the previous few days.

According to further data from data analytics platform CryptoQuant, SUSHI’s overall exchange netflow has decreased in the last seven days. This could be interpreted positively.

SUSHI’s exchange reserves, on the other hand, have increased in the last 24 hours. A rise in exchange reserves may imply more selling pressure for SUSHI in the coming days.

When looking at address growth, Glassnode statistics revealed that there was no substantial shift in the number of new addresses on the network. At the time of publication, the number of new addresses stood at 87, which was fewer than the previous seven days.

SUSHI was trading at $1.14 at the time of writing. SUSHI flashed green at press time, as shown in the chart below. In addition, its Relative Strength Index (RSI) appeared to be moving away from and upwards from the neutral line. SUSHI’s RSI was 53.50 at the time of publication.

Furthermore, the Moving Average Convergence Divergence (MACD) favored the token. With the MACD line crossing over the signal line, it is possible that the price will rise. The histogram also flashed green, indicating a price increase for SUSHI. A glance at the Money Flow Index (MFI) revealed that the price may rise further, with the signal sitting over the neutral line.

So, has SUSHI moved on from its dark days? That is only possible if SUSHI continues on its bullish trajectory over the following few days. Traders are encouraged to exercise caution.