SushiSwap has announced the launch of a lending and margin trading platform called Kashi. Kashi will support token pairs for shorting, a previously inaccessible feature that is now possible with its risk isolation infrastructure.
Kashi users can create lending pairs of their choice by depositing assets in SuhiSwap’s new token vault, BentoBox, to maximize yield generation on idle tokens. The move has seen a significant number of SUSHI tokens purchased along with many mid-sized whales entering the network, expecting a bullish turn of the market.
What Is BentoBox?
BentoBox is a cryptocurrency token vault that will help users generate yield from flash loans and other protocols built from its framework’s strategies. It serves as a wallet to the Kashi lending and margin trading platform.
The exciting part is the dual token usage to maximize yield generation. The team stated,
“The crucial role that the vault plays is that it allows users to earn interest by lending out their assets to margin traders, while simultaneously earning yield on the same tokens from liquidity providing or farming on DeFi protocols.“
The tokens in BentoBox can be used on the Dapps built on its infrastructure while simultaneously earning interest in DeFi protocol farms. So while users earn interest by lending out their assets to margin traders, they can simultaneously earn yield on the same tokens from liquidity providing or farming on DeFi protocols.
BentoBox serves as a solution for Ethereum’s network’s transaction time and high fees, where users can trade shorts in a single transaction with more leverage.
A Lot More Trading With Kashi
Users can deposit assets on the BentoBox vault and link it to Kashi to create a supply or borrow pair of their choice. The token pair can be used to lend or select from a wide range of tokens, from a wide range of risk tolerances to short. In short, high-risk assets will be accessible for margin transactions on Kashi.
Kashi’s margin trading solution uses an elastic interest rate having a target utilization rate of 70-80% of the total supply. The elastic rate will increase if the pair is underutilized and will decrease if over-utilized. Thus, suppliers are incentivized to maintain assets in demand on the platform, and those that receive less interest, off the platform.
Significant Rise In SUSHI Holders
The Sushi community is looking forward to the release of BentoBox and Kashi. The platform saw a significant spike in the number of addresses holding 10,000 to 100,000 SUSHI soon after the launch. Since March 24th, an estimated 15 new mid-sized whales have joined the network representing an 8.10% increase in a short period.
Other lending or margin trading platforms cannot trade high-risk assets due to their susceptibility to the entire pool leaving many volatile tokens unused in margin trading offerings. Kashi solves this issue by supporting the usage of high-risk assets for margin transactions.
Along with being able to short a larger selection of volatile tokens, users can create short leveraged positions too. The transaction fees are paid to Sushi xSUSHI holders providing users with an additional layer of benefits from the Kashi platform resulting in a higher trading volume on the associated swap pool.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Sushiswap Price Analysis: SUSHI slowly consolidates below $11, breakout today?
- Sushiswap price analysis is bullish.
- SUSHI/USD continues to respect $11 resistance.
- A brief retest of $10 support was seen yesterday.
Sushiswap price analysis is bullish today as downside momentum was rejected again, indicating that bulls are still building momentum to attempt a breakout above the $11 resistance. Therefore, we expect SUSHI/USD to move higher over the next 24 hours and target the $12 resistance next.
The crypto market traded in the green over the last 24 hours, with Bitcoin leading the way as it gained 5.54 percent. Meanwhile, Ethereum followed, with a gain of 5.19 percent, while Shiba Inu (SHIB) continued to dominate the market, with a gain of almost 50 percent.
Sushiswap price movement in the last 24 hours: Sushiswap finds support above $10 again
SUSHI/USD traded in a range of $10.04 – $10.92, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.1 percent and totals $275.4 billion, while the total market cap trades around $1.35 billion, ranking the coin in 79th place overall.
SUSHI/USD 4-hour chart: SUSHI to break $11 today?
On the 4-hour chart, we can see the Sushiswap price action still consolidating as bulls prepare to break higher.
Sushiswap price action has seen strong bearish momentum over the past weeks. After a strong decline from the $16 previous major swing high, support was eventually established around the $9 mark at the end of September.
Since then, a spike higher was seen on the 26th of September, with the following retracement setting a higher high at $9.25. From there, SUSHI/USD set a lower high around $11.25 during the first days of December.
Overall the Sushiswap price action development indicates that the market is in indecision right now. Likely we will see further consolidation over the next 24 hours. However, a break above the $11 is a strong possibility.
Sushiswap Price Analysis: Conclusion
Sushiswap price analysis is bullish today as any further downside was rejected above the $10 support again, indicating that a new higher low is set. Therefore, we expect SUSHI/USD to either continue consolidating or break above the $11 mark over the next 24 hours.
While waiting for Sushiswap to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.
SUSHI Price Analysis: Amid High Demand Price Approaching Key Resistance, Is A Breakout Imminent?
SUSHIUSDT gained roughly 7.6% within the last 24hrs in the face of recent FUD by an anonymous white hack hacker who took part in the platform’s ImmuneFi bug bounty program. The decentralized exchange [DEX] stays range-bound trading within the $5.9681 and $22.5674 significant resistance and support levels on the higher time frames. Meanwhile, the 4HR time frame gives clues that we may be heading towards the upper bound of the long-term price range.ADVERTISEMENT
Let’s probe deeper into the price charts of the AMM decentralized exchange, starting from the daily time frame.
SUSHISWAP (SUSHI) Daily Chart Analysis
The governance token SUSHI dipped into a correction phase on 26 August, as the RSI crossed below the level-25 from the top. It sends the price chart into an expanding channel enclosed by bullish and bearish divergence patterns on 10 September and 16 September ’21.ADVERTISEMENTGoMeat ICO Launched – 15% Bonus!
A bullish engulfing candlestick pattern closed above a bearish inside bar resistance [$9.0609] on 25 September, showing immunity to the China crypto ban, and suggesting a price surge to the upper bound of the expanding channel at $16.1864.
SUSHISWAP (SUSHI) 4HR Chart Analysis
The above 4HR chart annotations show the SUSHIUSDT entering a range-bound market structure after the RSI went below level-25 on 18 September ’21 00:00.
A rather recent bullish divergence pattern on 29 September 20:00, that has forced the RSI above the level-75 shows that the bulls are getting ready to exit the current price range.
A price close above the $11.9625 price ceiling with a second entry of the RSI above level-75 will confirm absolute dominance by the bulls. On the contrary, we may see further price dip, if the bears force the SUSHI price below the $8.51 support.
SUSHISWAP SUSHI Intraday Levels
- Spot rate: $10.7482
- Mid–Term Trend [H4]: Slowing Bearish bias
- Volatility: Low
- Support: $8.510 and $9.2308
- Resistance: $11.9625 and $16.1864
Sushiswap Price Analysis: SUSHI briefly moves past $9 support, rejects back to $11
- 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.
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 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.
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.