- The SushiSwap crypto price has declined by 92% from its all-time high.
- The SUSHI token price is trading above the 200-day EMA on the daily chart.
SushiSwap, a decentralized finance (DeFi) platform on Ethereum, offers services like DEX, yield farming, and staking. Founded in 2020 by Chef Nomi, later controlled by Sam Bankman-Fried, it operates with decentralized governance. $SUSHI token incentivizes liquidity providers and enables governance decisions.
The trading volume of the SushiSwap token is trading flat, witnessing a slight decline of 2.7% in the last 24 hours. That has resulted in a value of $83.96M, and the volume ranking of the crypto is 151st.
The token’s market cap has further declined by 4.18% in the last 24 hours, resulting in a market cap value of $447.819M. Furthermore, the ranking of the crypto in the global cryptocurrency market is 174th.
Also, the crypto’s volume/market cap ratio is 19.04%, which indicates high liquidity in the crypto price. Moreover, the circulating supply of the crypto is 232.066M SUSHI, and the total supply of the crypto is 250.204M SUSHI.
Despite this, the max supply of the crypto is not disclosed, and the fully diluted market cap of the token is $484.581M. The crypto also has a medium supply inflation of 4.41%, and the market cap dominance of the token is 0.02%.
The crypto’s sentiment, as per Coincodedx, is totally bullish, and the fear and greed index indicates extreme greed. Also, the volatility of the crypto is very high, resulting in 17.86%.
SushiSwap Blockchain Data Overview
The Total Value Locked, Fully Diluted Valuation, and Token liquidity have all followed the same trend for a long time. It indicates harmony in the financials of the token, but when viewed in a larger time frame, it can be seen that all of the factors have declined over time.
The current Total Value Locked (TVL) for the SushiSwap token is $407.48M, followed by the staked value of the token, which is $57.4M as per DefiLlama. Furthermore, the current liquidity of the token is $9.71M, and the annualized fees of the crypto is $27.33M.
Active Deposits Vs Active Addresses Vs Total Open Interest
The active addresses for the SushiSwap crypto can be seen consistently advancing on the chart of the Santiment. Furthermore, the total open interest has slightly declined and is currently close to its average.
Moreover, the active deposits for the crypto have declined while the token’s price has advanced to certain higher levels.
SUSHI Crypto Technical Analysis
On the weekly chart of the SUSHI crypto, the price has formed a “W” pattern at the bottom, indicating a trend reversal. The token price is currently trading at a crucial resistance and swing high, and if the price further breaks above the last swing high, more surges in the SUSHI token price might be witnessed.
SUSHI/USD Chart by TradingView.com
The 20, 50, and 200-day EMAs are trading in a golden cross followed by a rise in values of the EMAs and the trading price. The following behavior of the price coordinated with the EMAs indicates a strong uptrend in the crypto.
The MACD again indicates bullishness in the price as the MACD line is trading at a level of 0.1807, followed by the signal line trading at 0.1502. The aforementioned lines trading above the zero level indicate buyers’ dominance in the crypto.
The RSI has advanced above the 14-day SMA and is currently trading at a level of 73.68. It also has crossed above the overbought zone, indicating strong buying momentum for the token.
Summary
SushiSwap token shows a 92% decline from its all-time high but trades above the 200-day EMA. Despite the flat trading volume, sentiment is bullish with extreme greed. Technical analysis indicates a potential trend reversal with a “W” pattern and bullish indicators. A breakout above crucial resistance may lead to further price surges.
Technical Levels:
- Support levels: $0.510 and $0.9500
- Resistance levels: $3.7100 and $5.080
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.