Connect with us

SushiSwap

Sushiswap Price Analysis: SUSHI spikes to $13, set to slowly reverse overnight?

Published

on

Sushiswap price analysis indicates bearish price action to follow as bulls are exhausted after a rapid advance to the $13 mark over the past 24 hours. Therefore, we expect SUSHI/USD to retrace and retest the previous resistance of $12 as support.

Sushiswap Price Analysis: SUSHI spikes to $13, set to slowly reverse overnight? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Market leaders, Bitcoin and Ethereum, are up by 3.39 and 4.08 percent, respectively. Meanwhile, Polkadot (DOT) lags behind with a loss of 2.29 percent.

Sushiswap price movement in the last 24 hours: Sushiswap reached the $13 resistance

SUSHI/USD traded in a range of $12.45 – $13.28, indicating strong volatility over the last 24 hours. Meanwhile, the trading volume totals $568 billion, up by 41.7 percent from yesterday. The total market cap trades around $1.662 billion, ranking the coin in 73rd place overall.

SUSHI/USD 4-hour chart: SUSHI set to reverse?

On the 4-hour chart, we can see the Sushiswap price becoming exhausted today after a rapid move higher overnight.

Sushiswap Price Analysis: SUSHI spikes to $13, set to reverse overnight?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has seen strong volatility over the past weeks. After setting a new several month high at $14.8, a strong retracement followed during the end of August.

Support was eventually found at the $11 mark, with another rally over the following days. This time, a lower high was set at $14.3, with a strong spike lower to the $10 mark.

Advertisement

After a quick loss of more than 30 percent, SUHSI/USD retested the $10 support twice more over the following week. The Sushiswap price finally managed to break significantly higher yesterday as bulls gained strong momentum past the $12 previous high.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish today as bulls are exhausted after a breakout from the $12 resistance and a spike to $13 resistance. Therefore, SUSHI/USD will likely retrace over the next 24 hours and look to retest the previous resistance of $12 as support.

While waiting for Sushiswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Advertisement

News Source

SushiSwap

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

Published

on

  • 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.

Advertisement

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.

Advertisement

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.

News Source

Advertisement
Continue Reading

SushiSwap

SushiSwap denies reports of billion-dollar bug

Published

on

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.

Advertisement

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.”

Advertisement

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.

Advertisement

News Source

Continue Reading

SushiSwap

SushiSwap denies reports of billion dollar bug

Published

on

The developer 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 threats, 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.

Advertisement

While the emergencyWithdraw function allows liquidity providers to immediately claim their LP 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.”

Advertisement

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 bee instructed to report the vulnerability on bug bounty platform Immunefi — where SushiSwap is offering to pay rewards of up to $40,000 to users that report risky vulnerabilities in their code — after they first reached out to the exchange.

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

Advertisement

News Source

Continue Reading

Trending