SUSHI Latest Feats Are Quite Impressive, But Crypto Must Overcome Rough Terrain

Christian Encila

2 years ago

4 mins read

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SUSHI has shown strong bullishness, ranking as the most influential project in Avalanche and breaking into the top 10 in Altrank on Polygon.

At this time of writing, CoinGecko is estimating a 24% increase in value, which is a 10% increase from where it was.

The following is a quick rundown of some of SUSHI’s more notable qualities that demonstrate its “tasty” status:

There was a 4% increase in TVL.
Positive environment, but unfriendly market conditions are a drag for the token
Future discomfort is possible, but the investment case remains strong

Most Influential Project on Avalanche$SUSHI @SushiSwap $JOE @traderjoe_xyz $FITFI @StepApp_$TIME @wonderland_fi $CRA @PlayCrabada $ALBT @allianceblock $BIFI @beefyfinance $PNG @pangolindex $CQT @Covalent_HQ $ANY @MultichainOrg #AVAX $AVAX pic.twitter.com/9ozC2j4Wrp

— AVAX Daily 🔺 (@AVAXDaily) November 21, 2022

In addition, DeFiLlama has noticed a 4% rise in TVL. All in all, investors and traders have a lot to be optimistic about here.

But the technicals of the coin suggest that the bullishness is fleeting, as it is being carried around by the present bear market.

SUSHI Remains Stale

Since its crash in May 2022, SUSHI’s price has barely moved. Also, the token has been trading between $2.083 and $0.861 for some time now.

This coin, however, has been making higher highs and lower lows despite the bear market since the latter half of Q2 this year.

The present price surge, however, is not only due to its recent successes, but also to the active development that Santiment has seen.

Image: TradingView

Recently, the team issued an update on its focused liquidity pool, which they claim would increase capital utilization efficiency.

At present, the token’s long-term price action is a spreading triangle. This indicates an increase in volatility and a possible price reversal.

This coincides with the expansion of the Bollinger band at the current market price. On shorter timelines, the present price has already made it past the middle band, but on a daily scale, the price is still below the middle band.

While the regression channel partially confirms a possible reversal, below-neutral RSI readings impede this possibility. Chaikin’s money flow index, which currently stands at -0.12, likewise favors the bears.

Caution Advised For Traders

If the price continues to struggle and closes the day with a red candle, SUSHI may fall to $1.083 in value. If the bulls are unable to defend this price level, a further decline to $1.012 is possible.

Sushi would likely be an excellent investment if market conditions were less unfriendly.

With the EMA ribbon indicating that a short position is significantly more plausible, resistance at $1.375 will be greater despite SUSHI’s favorable circumstances.

As the situation steadily improves, SUSHI appears to be an appealing investment for portfolio diversification.

SUSHI total market cap at $151.5 million on the daily chart | Featured image from Coin Edition, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.