- SUSHI is up more than 2.5% over the past seven days.
- Market sentiment remained bearish, but several indicators supported the bullish trend.
The prices of several cryptocurrencies plummeted last week. but, Sushi Swap (SUSHI) As values soared, they behaved differently. Considering market conditions, should investors expect the price of SUSHI to rise in the future?
SushiSwap investors profit!
Last week was bullish as SushiSwap’s price action remained favorable to investors.
According to Coin Marklet Cap, SUSHI is up more than 2.5% over the past seven days. At the time of this writing, SUSHI had a market capitalization of over $258 million and was trading at $1.11. This price increase helped investors enjoy more profits.
In fact, renowned cryptocurrency analyst Ali pointed out an interesting development. According to his tweet, more than 82% of SUSHI holders are currently ‘short of money’. This also means that SUSHI may be undervalued.
Despite ongoing development #Sushi Swap, the impact of a bear market is clear to investors. Source of data @intotheblock It was found to be over 82%. $sushi The holder is currently ‘out of money’. This also means: #episode It might be underrated! pic.twitter.com/6br3fqG7Ys
— Ali (@ali_charts) January 15, 2024
Is SUSHI waiting for another uptrend?
To understand whether this means a price increase, AMBCrypto took a closer look at the state of SUSHI.
According to Santiment data analysis, SUSHI’s social volume has surged over the past week, indicating the token’s growing popularity in the cryptocurrency space.
However, despite the price rise, the token’s weighted sentiment remained on the negative side. This suggests that bearish sentiment towards SushiSwap is dominating the market.
Source: Santiment
The outflow of tokens from exchanges also increased sharply last week. This clearly means that there is high buying pressure on the token, which can be considered a bullish signal.
SUSHI’s MVRV ratio still remains low, but it has recorded some improvement, which could help. episode Keep prices rising.
Nonetheless, network growth has declined over the past week, resulting in fewer new addresses being created to transfer tokens.
Source: Santiment
Take a look episodeThe daily chart showed that the bulls may soon overtake the beers as the MACD graph is tightly packed.
Realistic or not, the following is SUSHI Market Cap in BTCTerms and conditions
The token’s Relative Strength Index (RSI) has registered slight gains and is heading towards the neutral point, raising the possibility that the price will continue to rise in the coming days.
However, Chaikin Money Flow (CMF) has remained weak recently, moving south.
Source: TradingView