SushiSwap is an Automated Market Maker which AMM is known as a decentralized exchange network that uses a smart contract for each pair of tokens given.
SushiSwap was created as an AMM where automated trading liquidity is arranged between two crypto assets as well as aims to diversify the AMM market and also add additional features not available in UniSwap.
The SushiSwap network was launched in August 2020 as a fork to UniSwap founded by a secretive individual who wanted to be known as Chef Nomi.
But investors were shocked by the breaking news when suddenly on September 5, the founder was said to have sold his stake as the price of SUSHI was making a spike.
As a result of the action, SUSHI’s market price continued to fall sharply and most investors labeled the founder as a scammer.
Due to community pressure, Chef Nomi later transferred ownership of Sushiswap to FTX CEO Sam Bankman-Fried to continue its survival.
Judging by the SUSHI/USDT chart, the SUSHI price movement continued to record a jump of over 600% starting at the opening of the 2021 market.
The surge has also supported the SUSHI price to record its latest all -time high (ATH) at the $ 23 price level on March 13th.
Yet continuing the market opening on March 14, the SUSHI price movement continued to decline up to the $ 8 support level and remained a bearish trend as seen on the weekly chart.
The SUSHI price also remains moving slowly above the $ 8 support level and still does not show any clear pattern for the direction of the next price movement.
If the price movement continues to remain with a bearish trend, the $ 8 support level will be the focus to be broken before taking steps to make a lower decline.
The lower decline is expected to lead to the $ 5 low which is a difficult resistance level to break in January trading.
On the other hand, if the price movement manages to return to the uptrend, the SBR (support become resistance) level of $ 10.50 will be tested first before jumping higher.
If the SUSHI price continues to gain strength, the enemy SBR level around $ 13.50 will be targeted and will signal for the SUSHI price to make a bullish trend as at the beginning of the 2021 market.
As of 4.30pm local time, the price of SUSHI is slightly down by around 1% to trade at the $ 8.30 price level.
