• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news DeFi

SushiSwap Hits Multi-Week High on High Profile Synergies; What’s Next?

Yashu Gola by Yashu Gola
2 months ago
in DeFi
Reading Time: 2min read
SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency

African american woman eating sushi using chopsticks at home doing ok sign with fingers, excellent symbol

Advertisement
Nexo Logo
Listen to Article

SushiSwap’s governance token SUSHI continued its rally upward on Wednesday as its price per unit breached the $2-resistance level.

The SUSHI/USD exchange rate rose 13.15 percent ahead of the New York opening bell, trading at $2.18. The latest gains came as a part of a broader upside move that brought SUSHI’s week-to-date returns up by 61 percent and its quarter profits up by 74 percent.

Partnerships

Meanwhile, the reason traders boarded the SUSHI uptrend this week is a flurry of SushiSwap’s partnerships with high-profile decentralized finance projects. A decentralized exchange itself, it formed synergies with yield aggregator Yearn Finance, smart contract-based job marketplace KP3R, and DeFi services platform DeriSwap.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

All the SushiSwap’s partnership platforms have one founder: Andre Cronje.

The celebrated developer stated in a blog post on Tuesday that Yearn Finance would “participate in SushiSwap governance and add to its treasury some SUSHI.” He further promised grants for developers who would build tools for the decentralized exchange.

Josh Rager, a cryptocurrency analyst, said the partnerships allowed traders to raise their bids for SUSHI tokens. As a result, the price rose exponentially in the previous weeks in hopes that SushiSwap would grow into a full-fledged DeFi ecosystem.

“I would love to see SUSHI price eventually hit the upper $4’s target,” said Mr. Rager.

SUSHI Technical Setup

Technically, SUSHI showed signs of either correcting lower or consolidating sideways as its momentum oscillator alerts about its “overbought” status.

SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency
SushiSwap breaks above crucial Fib resistance level. Source: SUSHIUSD on TradingView.com
SushiSwap breaks above crucial Fib resistance level. Source: SUSHIUSD on TradingView.com

But despite a short-term correction woe, SUSHI looks stronger above $2, a Fibonacci retracement level the token broke on Wednesday. A push above the level now allows traders to open a slightly risky long position towards $2.9-3. SushiSwap’s fundamentals, as discussed above, support the upside call.

Meanwhile, should profit-taking sentiment clouds the market, SUSHI risks falling back inside its previous Ascending Channel range, followed by a retest of the area’s lower trendline. The level also coincides with the 20-day exponential moving average wave (green).

If the sell-off continues, then the price may fall to as low as the 50-day simple moving average curve (red).

Tags: cryptocurrencysushiSUSHIBTCsushiusd
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

COVER

COVER Price Plummets Towards Zero Following Lethal Minting Function Exploit

3 weeks ago
Analyst: SushiSwap Token Price to Hit $9.00 Eventually as Strength Grows

Analyst: SushiSwap Token Price to Hit $9.00 Eventually as Strength Grows

2 months ago
DeFi “Blue-Chips” Lead Sector Rebound as Smaller Tokens Underperform

DeFi “Blue-Chips” Lead Sector Rebound as Smaller Tokens Underperform

2 months ago
Ethereum DeFi Exploiter Returns $50,000 to “Nurse” Affected by $5m Attack

Ethereum DeFi Exploiter Returns $50,000 to “Nurse” Affected by $5m Attack

2 months ago
Bitcoin

Analysts Call for a Second Wave of DeFi Mania as Crypto Investors Reenter Sector

2 months ago
Facebook & Libra’s David Marcus Is Asking About Ethereum DeFi

Facebook & Libra’s David Marcus Is Asking About Ethereum DeFi

3 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

AC Milan to Join Sports Crypto Movement With Launch of $ACM Fan Token

January 19, 2021

Institutional-grade Crypto Exchange AAX Reports Record Fiat-Crypto Purchases in 2021

January 19, 2021

Robonomics Winter School 2021 Master Classes And Lectures Open For Attendees

January 18, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.