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Sushiswap Price Analysis: SUSHI slowly continues to retrace after higher high was set at $12

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  • Sushiswap price analysis is bearish today.
  • SUSHI/USD retraced below $11 previous support.
  • Market likely to reverse later this week.

Sushiswap price analysis is bearish today as a further retracement is needed before another rally can begin. Therefore, we expect SUSHI/USD to continue lower today, with the $10.5 mark as the next local support.

Sushiswap Price Analysis: SUSHI slowly continues to retrace after higher high was set at $12 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with various results over the last 24 hours. The market leader, Bitcoin, gained 0.1 percent, while Ethereum is down by 2.79 percent. Meanwhile, Dogecoin (DOGE) is up by 15.33 percent.

Sushiswap price movement in the last 24 hours: Sushiswap retraces below $11

SUSHI/USD traded in a range of $10.73 – $11.78, indicating a moderate amount of volatility over the last 24  hours. Trading volume has declined by 40 percent and totals $215.9 billion, while the total market cap trades around $1.387 billion, ranking the coin in 75th place overall.

SUSHI/USD 4-hour chart: SUSHI to see more downside before reversal

On the 4-hour chart, we can see the Sushiswap price action still looking for further downside to set a higher low and reverse from.

Sushiswap Price Analysis: SUSHI continues to retrace after higher high was set at $12
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has mostly traded in a consolidation so far this month. Resistance can be seen around $11-$11.5, while support is around $9.5-$10.

After setting a slightly lower low on the 13th of October, SUSHI/USD finally broke above the $11 resistance, peaking at $12. Since then, a retracement has followed over the last 24 hours as further upside could not be set.

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Overall, Sushiswap price action still needs to retrace before more upside can be seen. However, the higher high set over the weekend indicates that the overall market momentum is turning increasingly more bullish.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish today as the $11 support has been broken, and more retracement is needed after a higher high was set at $12 over the weekend. Therefore, SUSHI/USD will likely see the $10.5 mark tested over the next 24 hours.

While waiting for Sushiswap to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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Scandal at SushiSwap: Here’s What Fired Employee Revealed

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Fired officer shares some nasty details of inner workings of top-notch decentralized crypto exchange SushiSwap (SUSHI)

Rekt News, a unique community-driven blog that covers the largest scams, rug pulls, hacks and thefts in the Web3 segment, released an investigation long read about the drama at SushiSwap, a top-tier DeFi protocol.

Who forced 0xMaki out?

Largely, the investigation is based on leaks shared by anonymous developer AG (who goes by @AGdyor on Twitter), but it also considers reports by “different informants.”

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The story starts with the “stepping down” of 0xMaki, SushiSwap’s co-founder, in mid-September 2021. After the resignation of Chef Nomi, 0xMaki was the core developer of SushiSwap’s architecture.

AG unveiled that 0xMaki was actually forced out of SushiSwap by a “circle of power” that consisted of SushiSwap CTO Joseph Delong and other lead developers Omakase, Keno and Rachel. They were not able to fire 0xMaki since he had a three-year contract: that is why he accepted an “advisory role.”

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He decided to leave SushiSwap in danger of six other developers resigning. This, in turn, called into question the implementation of the Trident update.

From decentralization to oligarchy

After the resignation of 0xMaki, new “oligarchs” allegedly spent thousands of dollars of SushiSwap’s money for big private dinners with shady “partners” and even utilized funds raised for MISO’s IDOs for day trading on personal accounts.

Also, Joseph Delong and his colleagues have been accused of authoritativeness and rudeness.

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Shortly after AG tweeted about this situation, she was fired and her Google access was terminated.

Rekt authors contacted Mr. Delong for his point of view. He did not address the accusations but dismissed the whistleblower:

These accusations and narratives are from a disgruntled employee that was offboarded for continued toxicity and cyberbullying.(…) The attempt to propagate this narrative demonstrates off boarding was the correct course of action and can only wish AG / sushijokr the best in her professional career.

On Dec. 5, 2021, he published a Twitter thread with his version of the story. He accused some former employees of manipulations and defamation.

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He also promised to roll out the hotly anticipated Trident upgrade by the end of this year.

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SushiSwap’s Shoyu Showcase Campaign Goes Live: Taps Metaverse Capabilities

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Less than half a year after the initial proposal, SushiSwap has announced the launch of an NFT and metaverse platform.

SushiSwap, the popular decentralized exchange that saw the light of day last year, will enter the non-fungible token and metaverse spaces. It will do so by releasing a platform aiming to combine the best from both worlds and the initial v0 campaign will go on for ten weeks.

Shoyu Comes to Life

The press release shared with CryptoPotato informed that the name of the new initiative is Shoyu and the official launch date is November 3rd. This comes just five months after the initial proposition was posted on the SushiSwap forums.

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Following a selection period from Shoyu’s curation team that lasted weeks, a number of artists will have the chance to submit their digital artwork in the new NFT platform. Some of the popular names that will be involved in minting digital artwork will include Robert Gallardo, INJURY, Nicolas Sassoon, Thom Mayne, and Keyon Christ.

The team promised that Shoyu will have full compatibility with the entire Sushi ecosystem. Thus, it should become “one of the first artistic marketplaces that marries the art world with the technological innovation of decentralized finance.”

More Than Just The Next NFT Platform

Following the spectacular growth of the NFT industry since the start of 2021, leading to countless new platforms striving to take market shares, SushiSwap has decided to take a bold step by combining non-fungible tokens and the skyrocketing in popularity metaverse field.

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Less than half a year after the initial proposal, SushiSwap has announced the launch of an NFT and metaverse platform.

SushiSwap, the popular decentralized exchange that saw the light of day last year, will enter the non-fungible token and metaverse spaces. It will do so by releasing a platform aiming to combine the best from both worlds and the initial v0 campaign will go on for ten weeks.

Shoyu Comes to Life

The press release shared with CryptoPotato informed that the name of the new initiative is Shoyu and the official launch date is November 3rd. This comes just five months after the initial proposition was posted on the SushiSwap forums.

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Following a selection period from Shoyu’s curation team that lasted weeks, a number of artists will have the chance to submit their digital artwork in the new NFT platform. Some of the popular names that will be involved in minting digital artwork will include Robert Gallardo, INJURY, Nicolas Sassoon, Thom Mayne, and Keyon Christ.

The team promised that Shoyu will have full compatibility with the entire Sushi ecosystem. Thus, it should become “one of the first artistic marketplaces that marries the art world with the technological innovation of decentralized finance.”

More Than Just The Next NFT Platform

Following the spectacular growth of the NFT industry since the start of 2021, leading to countless new platforms striving to take market shares, SushiSwap has decided to take a bold step by combining non-fungible tokens and the skyrocketing in popularity metaverse field.

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Sushiswap Price Analysis: SUSHI/USD eyes $14 mark

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  • Sushiswap price analysis is bullish today.
  • SUSHI/USD above $12 overnight.
  • SUSHI/USD is currently trading at $12.6.

Sushiswap is presently in a bull market, although values dropped by roughly 20%. SUSHI/USD is currently upswing, following a considerably steeper high yesterday and a modest overnight retracement. Today’s price movement should be positive for both buyers and sellers. With today’s $14 level as the first resistance

The price of SUSHI/USD rose to an overnight high of $13.53 before falling back to the $12 level where it is currently trading, after a 30% decrease in value over 24 hours. Do not be fooled by the bullish sentiment and think it will be plain sailing from here on out; there was a 30% drop in price overnight, and those values are likely to retrace.

The price of SUSHI/USD, which was last seen at $13.53 overnight, has since dropped back to around the $12 mark where it is presently trading. There was a 30% drop in value in 24 hours, so be careful not to get carried away by the bullish sentiment.

SUSH/USD has already achieved a 20% price rise in just two days, surpassing the downtrend resistance line on Tuesday. The currency has had two significant increases of more than 20 percent before falling back to the $10 level.

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SUSHI/USD 4-hour chart: SUSHI is currently under heavy selling pressure

On the four-hour chart, we can see that the price of Sushiswap has fallen this morning as profit-taking occurs below the $13 high.

Sushiswap Price Analysis: SUSHI/USD eyes $14 mark 1
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap spent several weeks in a consolidation pattern. Resistance was established at $12, with the $11 mark as a centerline. After more gains were rebuffed, lower lows indicated bearish momentum was building.

On the other side, SUSHI/USD rose to a stunning high on November 1, resulting in a significant boost across the prior day. The highs for Sushiswap were about $13, and it declined somewhat as bulls are likely readying for another push-up.

As a result, the market has resumed its bull run. If our current swing low of $12.3 is maintained, we may anticipate further gains later today. The possible SUSHI/USD target is $14, which was previously a significant reversal point.

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On the four-hour chart, we can see that the price of Sushiswap has fallen this morning as profit-taking occurs below the $13 high.

Sushiswap spent several weeks in a consolidation pattern. Resistance was established at $12, with the $11 mark as a centerline. After more gains were rebuffed, lower lows indicated bearish momentum was building.

Sushiswap Price Analysis: Conclusion 

The Sushiswap market is currently bullish, with a large increase last night followed by a retreat overnight. SUSHI/USD will likely be ready to continue rising soon, with a peak of $12.3 predicted.

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