SushiSwap (SUSHI) could advance even more in the ongoing bull market, but the risk remains high

SushiSwap (SUSHI) could advance even more in the ongoing bull market, but the risk remains high
фото показано с : invezz.com

2021-1-10 01:08

SushiSwap (SUSHI) has advanced from $0.59 above $5 since the beginning of November, and the current price stands around $4.8. This cryptocurrency could increase even more in the ongoing bull market, but the current risk/reward ratio is not good for long term investors, in my opinion.

Fundamental analysis: SushiSwap is attempting to increase its dominance with new features

SushiSwap is a decentralized cryptocurrency exchange build on the Ethereum blockchain, which is very similar to Uniswap in both appearance and function. Some analysts even say that SushiSwap represents the evolution of Uniswap because better it aligns incentives for network participants by introducing revenue-sharing & network effects

Sushiswap was officially launched in August 2020, and it wasn’t taken seriously at first due to the food meme. The founder of SushiSwap is Chef Nomi, who wanted to create something similar to Uniswap but with a more community-driven vision.

Chef Nomi took Uniswap’s code that is completely open-sourced, and he modified it by adding the SUSHI token. Chef Nomi completely removed himself from SushiSwap after he broke the community’s trust by selling $14M of SUSHI for ETH, but the situation started to stabilize when SushiSwap’s admin key was transferred to Sam Bankman-Fried, founder of FTX.

SushiSwap operates by smart contracts, and it is essential to say that no single entity controls the protocol. Users can swap cryptocurrency for another cryptocurrency on the SushiSwap platform that offers SUSHI token rewards to those who stake their tokens.

SushiSwap relies on the Automated Market Maker (AMM) system, and it differs from Uniswap because it is more focused on building a community-centric decentralized exchange. Sushiswap has become one of the largest decentralized exchanges, and it is also attempting to increase its dominance with new features, along with a partnership with Yearn.finance.

From its lowest price of just over $0.50 at the beginning of November, SUSHI has advanced above $5, and the current price of this DeFi token stands around $4.8.

“I would say the evolution of this current momentum in terms of significant interest in the topic will continue through 2021. I think some of the technology from this DeFi phase will certainly be utilized in some more regulated way throughout 2021 towards 2022,” said analyst Andrew Peel, Morgan Stanley’s head of digital asset.

This cryptocurrency could advance even more in the ongoing bull market, but the current risk/reward ratio is not good for long term investors, in my opinion.

Technical analysis: SushiSwap  has made a massive jump in a short-time period Data source: tradingview.com

The current resistance levels are $5, $5.5, and $6; $4 and $3 represent the current support levels. If the price jumps above $5.5, it would be a signal to buy SushiSwap, and the next price target could be around $6.

On the other side, if the price falls below $3, it would be a firm “sell” signal and possibly a trend reversal sign.

Summary

SushiSwap has made a massive jump in a short-time period, and the correction phase could be around the corner. For now, there is no sign of the trend reversal but, if you decide to trade SushiSwap, you should consider that the price could also weaken in the upcoming days.

The post SushiSwap (SUSHI) could advance even more in the ongoing bull market, but the risk remains high appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

SushiSwap (SUSHI) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.6964
Капитализация $0 Rank 99999
Цена в час новости $ 4.659 (-100%)

market risk sushiswap current ongoing could sushi

market risk → Результатов: 126


Фото:

Invemo Launches the First Fixed Income Bitcoin Denominated Investment Product in Switzerland

Invemo is an asset manager, broker, and liquidity provider in the digital asset market that targets professional and institutional clients. In order to meet the demand of professional and institutional investors, it has developed a low risk fixed income investment product that outperforms the long-term appreciation of Bitcoin.

2020-12-18 22:43


“Obscenely Bullish,” Not Just Fast Money, But Real Money Buying Bitcoin Now

After a bout of volatility in the markets last week, investors and traders are back for another round. Monday saw them coming back with an appetite for risk assets and technology as Bitcoin led its peers, climbing just shy of $19,600, “as the bullishness in this particular market has resumed with a vengeance,” wrote analyst […] The post “Obscenely Bullish,” Not Just Fast Money, But Real Money Buying Bitcoin Now first appeared on BitcoinExchangeGuide.

2020-12-15 16:19


This Indicator Shows Ethereum is Structurally Similar to Where BTC Was in 2016

Bitcoin and the aggregated cryptocurrency market have been leading altcoins higher, with Ethereum showing some immense signs of strength as it once again breaks $470 The broader crypto market is getting stronger, as altcoins are now rallying in tandem with BTC or closely following it If this trend persists, then investor sentiment and risk appetite may continue growing, leading more investors to rotate capital into higher beta assets This possibility is already coming to fruition, […]

2020-11-14 23:00


Taking a Look at eToro’s CopyPortfolios

There’s plenty of people out there fascinated by the stock market (and making some money) who prefer to invest their funds in diversified portfolios. Beats doing all the work and it involves way less risk, right?  What if you wanted to dabble in crypto with the same strategy? Say hello to CopyPortfolios, which allow eToro users to allocate their funds into managed portfolios.

2020-11-11 21:53


Ethereum Could Plunge to $315 if Bulls Fail to Defend One Key Level

Although the altcoin market has not been tracking Bitcoin’s upside as of late, it is still fully exposed to its downside The cryptocurrency faced another rejection at $13,800 overnight that caused it to reel into the lower-$13,000 region This created headwinds that put a firm end to the breakout rally that Ethereum started forming yesterday ETH has now erased all of its recent gains and is now at risk of seeing significantly further downside One […]

2020-11-3 23:00


Bitcoin Must Consolidate Above This Key Level, Or Risk Plunging to $11,900

It has been a wild past few days for Bitcoin and the aggregated cryptocurrency market Bitcoin has been able to post consistent gains throughout as of late, with buyers and sellers largely reaching an impasse following its slight rejection at $13,200 This has created a slight consolidation phase around $13,000 that it has been caught within throughout the past two days If this phase persists in the near-term, BTC must continue holding above $12,800 One […]

2020-10-24 21:00


Bitcoin Remains The Best Protection Against A “Devalued Dollar”

During a time when money has become more difficult to come by for many, and the fiat monetary system is on the brink of collapse, Bitcoin might be the best chance at protecting wealth. One CEO of a risk management firm that educates investors on how to protect capital, claims that the leading cryptocurrency by market cap “remains the best short-term macro correlation” versus a “devalued dollar.

2020-10-24 18:00


Фото:

Bitcoin Plunges Below $11,000 as Selling Pressure from Miners Ramps Up

After facing some slight turbulence yesterday, Bitcoin incurred a massive rush of selling pressure today that sent its price reeling down to lows of $10,700 This movement came about in the form of a sharp selloff following a prolonged bout of sideways trading within the lower $11,400 Analysts are now noting that the market is now at serious risk of seeing further downside This comes as multiple large BTC mining pools begin offloading their holdings […]

2020-9-4 21:00


Фото:

Ethereum Posts Strong Reaction to Key Support Level, But Risk of Downside Remains

Ethereum and the entire crypto market saw a sharp selloff overnight that caused ETH and most other major altcoins to erase their recent gains This selling pressure struck a lethal blow to the uptrends seen by both major and minor altcoins alike That being said, Ethereum and Bitcoin have both been able to remain above multiple key support levels As such, analysts are noting that bulls may be firmly in control, and may help guide […]

2020-9-3 23:00


Gearing Up For Launch: BlockQuake Taps Crypto Risk Monitoring Firm Solidus Labs To Ensure Market Integrity and Compliance

Coinspeaker Gearing Up For Launch: BlockQuake Taps Crypto Risk Monitoring Firm Solidus Labs To Ensure Market Integrity and ComplianceThe regulatory-driven digital asset trading platform, designed by finance veterans and traders, will harness Solidus' solutions to remove market manipulation, protect investors and comply with regulatory requirements.

2020-8-21 21:18


Фото:

Bitcoin’s “Reserve Risk” Indicator Suggests the Next Parabolic Cycle is Coming

Bitcoin’s prolonged bout of sideways trading isn’t showing any signs of letting up Its stability is proving to be extremely bullish for the aggregated crypto market, as many tokens have found themselves caught within firm uptrends Some speculate that it won’t be until these tokens start seeing slowing momentum that Bitcoin can run One technical indicator is suggesting that this may be the case and that BTC is currently building a strong base to make […]

2020-7-21 21:00


Фото:

As Traditional Investors Flood the Bitcoin Market, Pundit Warns Of Risk On/Off Moves

As the cryptocurrency sector grows and matures, we can expect the arrival of more and more familiar faces from the traditional financial world. Especially during times of economic uncertainty. It’s becoming more likely that those who once thought Bitcoin was too far off will give the digital assets another look. Charles Edwards, a digital assets […]

2020-6-22 11:18


ArbiSmart Wallet: Earning Bitcoin Safely, up to 45% Returns at Close to Zero Risk

What is automated crypto trading and why is it so popular? Algorithmic trading, also known as autotrading is the use of an automated system, which is pre-programmed with instructions for executing transactions based on a range of factors, such as trading volume, market volatility, the current asset price and more. While the emerging crypto economy […]

2020-6-12 15:13


Фото:

This Fractal Pattern Puts XRP at Grave Risk of Seeing Massive Downside

XRP has been largely hovering around the $0.20 region in recent times, failing to garner any decisive momentum as the aggregated market stalls The crypto’s lack of growth in recent times has led it to surrender its spot as the third largest digital asset to stablecoin Tether (USDT) One analyst is now pointing to a grim fractal pattern that shows the cryptocurrency could be at grave risk of seeing a massive downside movement in the […]

2020-5-22 23:00