SUSHI Swap Token Price Declines 17% In a Month, Will It Continue?

Sushiswap is an automated market maker( AMM) which is very popular among crypto users. It was launched as a fork of Uniswap in 2020 with an aim to add additional features in the existing protocol. Sushiswap platform requires no registration to trade over 400 tokens. It has a liquidity of over $503 Million with a total of 41.5k trading pairs. Sushiswap was founded by pseudonymous people and the project also saw a great interest from Sam Bankman Fried.

SUSHI token has a total holder of 115878 which can see an increase in the future. SUSHI token unique senders and receivers has seen a slight surge in the past few weeks. Sushiswap has a TVL of $377 Million which has seen a decline from the highs of $2 Billion in 2022. The revenue of the protocol has also observed decline as per defilama. The median APY of the SUSHI is near 2.4% with $20.691 Million in staking.

Sushiswap has a market cap of $170 Million and is ranked 150th in the CMC. The volume of SUSHI tokens declined by 10% intraday. The V/M ratio of the asset price suggests a consolidation in price.

Will SUSHI Price See a Rebound Soon?

The weekly technical chart of Sushiswap suggests a consolidated trend in price. On the daily chart it is trading near the value of $0.754 with a small drop in the intraday session. SUSHI token is currently looking to make a recovery on the daily chart. The upside momentum of SUSHI can see a halt near the value of $0.80. Meanwhile, in a downside momentum the asset price can see a bounceback from $0.7. It is currently trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the price down.

The RSI of SUSHI is near 32 suggesting its presence in the oversold zone. There is a positive slope in it hinting towards a weak upside momentum in price.

Summary

Sushiswap has been seeing a decline in the user activity along with the TVL. SUSHI token is currently in a bearish mode but can see a new high in the future.

Technical Levels

Major Support:$0.7

Major Resistance:$0.8

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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