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Traders Seek Safety in SushiSwap (SUSHI) as Crypto Market Loses $25bn

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An early session slipover in the SushiSwap’s SUSHI market turned into a buying opportunity for traders that were seeking safety against a dwindling cryptocurrency market this Monday.

The SUSHI/USD exchange rate climbed by more than 24 percent from its intraday low of $12.80. Traders spotted upside opportunities in the pair as its relative strength indicator flashed near-oversold signals. They raised their bids to offset their losses elsewhere in the cryptocurrency market.

So it appears, gains in the SUSHI market largely coincided with a plunge in Bitcoin, Ethereum, and other high-cap digital assets. On the whole, the cryptocurrency had lost more than $25 billion as of 1105 UTC Monday, with Stellar’s XLM, Ripple’s XRP, and UniSwap’s UNI—a SushiSwap rival—notching the highest losses.

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SushiSwap, SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency
SushiSwap jumps as the rest of the cryptocurrency market stumble. Source: SUSHIUSD on TradingView.com
SushiSwap jumps as the rest of the cryptocurrency market stumble. Source: SUSHIUSD on TradingView.com

SUSHI Trade Setup

Technically, SUSHI bounced back after testing a confluence of two support levels. The first price floor appeared to be an upward sloping trendline that constitutes an ascending channel pattern. Meanwhile, the second footing came from SUSHI’s 100-4H simple moving average wave.

The rebound opened the DeFi token’s prospects to extending its upside move towards $17.61, its previous record high, followed by a run-up to the ascending channel’s upper trendline, which now sits near the $18.80-19.00 range.

Michaël van de Poppe, an independent market analyst, noted that SUSHI could also decline towards deeper levels if it fails to hold $14.50-14.75 as its interim support range.

“If that fails to hold for support, further downwards momentum is expected and confirmation of the bearish divergence. Looking at $12 and $10 next,” he said.

Fundamentals

The latest upside rally pushed the SushiSwap token’s year-to-day gains up to 470 percent. Initially, traders started entering the SUSHI market owing to its representation for a decentralized exchange. Many retail traders, frustrated with stock trading restrictions on platforms like Robinhood, turned their attention to centralized and decentralized cryptocurrency exchanges.

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As excitement ensued, volumes on crypto trading platforms surged exponentially. Meanwhile, their native tokens experienced a spike in demand that later turned into a massive bull rally. For instance, Binance’s native cryptocurrency BNB reached a record high of $148 last week.

SUSHI appeared to have benefited from the same enthusiasm, which spilled over into its market during the Monday session. Meanwhile, it is important to notice that the token stood underbought and posed better opportunities for traders seeking short-term safe-havens against the cryptocurrency market’s downside correction.

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Sushiswap Price Analysis: SUSHI briefly moves past $9 support, rejects back to $11

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  • Sushiswap price analysis is bearish for today.
  • SUSHI/USD saw a quick spike to $11 today.
  • SUSHI is likely to consolidate around $10 today.

Sushiswap price analysis is bearish today as the market saw a quick spike to the $11 mark after dipping below $9 this morning. Since SUSHI/USD rejects further upside right now, we expect bearish momentum to follow, likely resulting in a consolidation of around $10 today.

Sushiswap Price Analysis: SUSHI briefly moves past $9 support, rejects back to $11 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.78 and 0.59 percent, respectively. Meanwhile, the top altcoins have declined by 3-5 percent.

Sushiswap price movement in the last 24 hours: Sushiswap spikes to $11

SUSHI/USD traded in a range of $8.53 – $10.80, indicating strong volatility over the last 24 hours. Trading volume has increased by 78.66 percent and totals $600 million, while the total market cap trades around $1.32 billion, ranking the coin in 74th place overall.

SUSHI/USD 4-hour chart: SUSHI looks to move lower again?

On the 4-hour chart, we can see the Sushiswap price action rejecting further upside, indicating an upcoming reversal towards previous support levels.

Sushiswap Price Analysis: SUSHI briefly moves past $9 support, rejects back to $11
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has seen huge volatility so far this month. After a strong drop to the $10 mark on the 7th of September, a reversal followed after several days of consolidation.

SUSHI/USD saw a several-day rally during the month, resulting in a higher high set around $16. However, from there, bears took over the market momentum again.

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SUSHI saw a steady decline most of the last week, with a new lower low set early this week around the $9 mark. From there, a slight upwards reaction was seen during the middle of the week, followed by another test of the $9 support.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish for today as further upside gets rejected after a quick spike to the $11 resistance. Therefore, we expect SUSHI/USD to retrace some of the gains later today and likely consolidate above the previous support of $9. 

While waiting for Sushiswap to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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Sushiswap price analysis: We expect SUSHI/USD to retrace to $10 support level

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  • Sushiswap price analysis is bullish for today.
  • SUSHI/USD saw further downside over the last 24 hours.
  • SUSHI/USD will need to exceed the local resistance at $10.35.

The price analysis of Sushiswap is favorable for now, as the market has retraced to the $10 mark in the last 24 hours and has indicated resistance to more losses. As a result, we anticipate that SUSHI/USD will reverse and recoup some of its losses later today.

Sushiswap price movement in the last 24 hours: Sushiswap are finding stronger support beyond $10

SUSHI/USD has been fluctuating between $9.98 and $12.35 since yesterday, suggesting a significant price movement in the last 24 hours. SUSHI/USD dropped to a low of $9.0 today, reaching strong support at this level and signaling that the market is looking to reverse further losses.

On the daily chart, we can see that SUSHISWAP/USD has dropped below a critical support level around $9.1 and formed a double bottom pattern which serves as a strong buy signal. As the market has retraced to the $9.5 mark, we anticipate that SUSHI/USD will reverse and rise above $10 again.

SUSHI/USD 4-hour chart: SUSHI ready to reverse from the $10 support?

On the four-hour Sushiswap price analysis chart, reversed its downward trend and is now heading higher after dropping below $10. In the 4-hour chart, SUSHI/USD is currently finding support at $10 and is ready to reverse.

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Sushiswap price analysis: We expect SUSHI/USD to retrace to $10 support level 1SUSHI/USD 4-hour chart. Source: TradingView

Over the previous seven days, the price of Sushiswap has been fluctuating dramatically. Following a jump to $10 on September 7, SUSHI/USD remained consolidating and retested the $10 support twice over the following days.

On September 13, the price was put to the test for the second time in a week. The market advanced above $12 local resistance and then rallied for 24 hours before topping out at $16.

Bears dominated the market, and the Sushiswap price tumbled by more than 40% until support was found around $10 earlier today. We anticipate a reversal to happen later in the week if bulls continue to reject additional downside.

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We can see from the 4-hour chart that technical indicators are suggesting a further rise. The MACD and RSI both have positive momentum, indicating that buyers may be regaining control of the market.

Sushiswap Price Analysis: Conclusion 

SUSHI/USD will need to exceed the local resistance at $10.35, which is a crucial level given that it has been historical support for the Sushiswap market in recent weeks. If confirmed, this will allow the price to rally up to its previous peaks near $20 and continue above them with a positive momentum going into the following week.

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SushiSwap denies reports of billion-dollar bug

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One of the developers behind popular decentralized exchange SushiSwap has rejected a purported vulnerability reported by a white-hat hacker snooping through their smart contracts.

According to media reports, the hacker claimed to have identified a vulnerability that could place more than $1 billion worth of user funds under threat, stating they went public with the information after attempts to reach out to SushiSwap’s developers resulted in inaction.

The hacker claims to have identified a “vulnerability within the emergencyWithdraw function in two of SushiSwap’s contracts, MasterChefV2 and MiniChefV2” — contracts that govern the exchange’s 2x reward farms and the pools on SushiSwap’s non-Ethereum deployments, such as Polygon, Binance Smart Chain and Avalanche.

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While the Emergency Withdraw function allows liquidity providers to immediately claim their liquidity provider tokens while forfeiting rewards in the event of an emergency, the hacker claims the feature will fail if no rewards are held within the SushiSwap pool — forcing liquidity providers to wait for the pool to be manually refilled over a roughly 10-hour process before they can withdraw their tokens.

“It can take approximately 10 hours for all signature holders to consent to refilling the rewards account, and some reward pools are empty multiple times a month,” the hacker claimed, adding:

“SushiSwap’s non-Ethereum deployments and 2x rewards (all using the vulnerable MiniChefV2 and MasterChefV2 contracts) hold over $1 billion in total value. This means that this value is essentially untouchable for 10-hours several times a month.” 

However, SushiSwap’s pseudonymous developer has taken to Twitter to reject the claims, with the platform’s “Shadowy Super Coder” Mudit Gupta stressing that the threat described “is not a vulnerability” and that “no funds are at risk.”

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Gupta clarified that “anyone” can top up the pool’s rewarder in the event of an emergency, bypassing much of the 10-hour multi-sig process the hacker claimed is needed to replenish the rewards pool. They added:

“The hacker’s claim that someone can put in a lot of lp to drain the rewarder faster is incorrect. Reward per LP goes down if you add more LP.

The hacker said they had been instructed to report the vulnerability on bug bounty platform Immunefi — where SushiSwap is offering to pay rewards of up to $40,000 to users who report risky vulnerabilities in its code — after they first reached out to the exchange.

They noted that the issue was closed on Immunefi without compensation, with SushiSwap stating it was aware of the matter described.

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