Can SushiSwap reinstate the crypto market? - Kakiforex.com - Financial Market Media No. 1 in the World Can SushiSwap reinstate the crypto market? Can SushiSwap reinstate the crypto market?
InstaForex

June 19, 2021

Can SushiSwap reinstate the crypto market?

 SushiSwap is an automated market maker where AMM is known as a decentralized exchange network that uses Smart Contract for each given token pair.


SushiSwap is created as an AMM where automated trading liquidity is arranged between two crypto assets and aims to diversify the AMM market and also add additional features that are not unexpected.


The sushi-network was launched on August 2020 as a fork to the unexpiece founded by a secret individual who wanted to be known as Chef Nomi.


But investors are shocked by emergency news when suddenly on September 5, the founder is said to have sold its holdings as sushi prices are making a spike.


Due to the action, Sushi's market price continued to fall sharply and most investors labeled the founder as a scammer.


Because of the urgency of the community, Chef Nomi then moved the possession of sushiwap to the FTX CEO Sam Bankman-Fried to continue its continuity.


Evaluate the sushi / USDT chart, the sushi price movement continues to record surges exceeding 600% starting at the market opening of 2021.


The surge has also supported sushi prices to record the latest level of time at $ 23 on March 13.



But continuing market opening on March 14, sushi price movements continue to decline to $ 8 and stay with a bearish trend if seen on the weekly chart.


Sushi prices also remain slowly moving above $ 8 support level and still do not show any clear patterns for the next price movement direction.


If the price movement continues to remain with a bearish trend, the $ 8 support level will be the focus to break before taking steps to make a lower decrease.


The lower decline is expected to go to the $ 5 low that is a difficult resistance level to break in January trading.


On the contrary, if the price movements have successfully returned to rise, the Support Become Resistance $ 10.50 will be tested first before jumping higher.


If the price of sushi continues to reinforce, the SBR level of its affection is about $ 13.50 to go on and will signal for sushi prices to make a bullish trend as at the start of the market 2021.


As at 4.30 pm local time, sushi prices slipped about 1% to be traded at $ 8.30.