SushiSwap Surges 80% in Altcoin Bull Market. đ
- SushiSwap (SUSHI) experiences a remarkable 80% price surge, drawing attention from cryptocurrency enthusiasts and derivative traders.
- This surge is attributed to Bitcoin's recent uptick, with BTC's price hovering above $34,000, causing funds to flow into altcoins like SushiSwap.
- SushiSwap's impressive price rise occurred mostly in a single trade, accounting for 47.80% of the increase on November 1.
- Despite a slight 8% drop in the following session, SushiSwap remained within a new price range, trading at around $1.0 with a 2% increase.
- The Relative Strength Index (RSI) suggests a potential price correction as it rose above 80, indicating an overbought status.
- A declining trading volume signals a possible price retracement in the near future.
- Derivative traders displayed a positive outlook as the SushiSwap funding rate reached its highest level in several months at around 0.2%.
- The liquidation chart shows a minor disparity between short and long liquidations, with short liquidations at approximately $213,000 and long liquidations around $218,000.
This surge in SushiSwap's price highlights the excitement in the altcoin market, driven by both retail investors and derivative traders. However, the overbought signal and declining trading volume suggest the need for caution as the cryptocurrency's price may experience a correction in the near future.
#sushi $SUSHI #SUSHISWAP
