HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Traders Snub SushiSwap Bug FUD as SUSHI Explodes Another 15%

Other 2020/12/01 12:51 by Yashu Gola

SushiSwap’s governance cryptocurrency SUSHI fared better than Bitcoin ahead of the New York opening bell Tuesday.

The decentralized finance token surged more than 15 percent during the European session, hitting an intraday high of 1.9471. Traders flocked into the SushiSwap market even as the protocol discovered a serious bug, a vulnerability that eventually led to the draining of about $10,000-15,000 from its fee revenue.

The SushiSwap team fixed the issue while deciding to compensate parties that got affected by the bug.

SUSHI Demand Up

The modest losses incurred failed to turn traders away from increasing their portfolios’ exposure to SUSHI. Instead, they focused more on the prospects of SushiSwap’s latest partnership with Yearn Finance, one of the leading decentralized yield aggregators in the DeFi space.

On Tuesday morning, Yearn Finance creator Andre Cronje detailed the specifics of what he called “one of the more aggressive synergies” with SushiSwap. The prominent developer stated that Yearn Finance would expand SushiSwap’s automated market maker system by merging development resources.

A flurry of joint programs would bring more capital into their liquidity pools, noted Mr. Cronje, adding that “Yearn will participate in Sushi governance and add to its treasury some SUSHI.”

The SUSHI/USD exchange rate started picking momentum around Mr. Cronje’s statements.

SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency, defi, yearn financeSushiSwap is up more than 300 percent from its November 4 low of $0.4743. Source: SUSHIUSD on TradingView.com
SushiSwap is up more than 300 percent from its November 4 low of $0.4743. Source: SUSHIUSD on TradingView.com

Maple Lead Investments, an EOS-backed strategist, stated that the SUSHI price could hit $4-10 after its protocol’s alliance with Yearn Finance.

Technical Setup

Technically, SUSHI is trading inside an Ascending Channel formation, as signified by its pullback on each resistance test and a rebound upon every support-line test. Nevertheless, its price rise coincides with declining volumes, showing a bearish divergence in play.

That somewhat increases the possibility of a short-term pullback. As SUSHI/USD retests the Channel support, it may allow traders to open new short entries, with a primary downside target lurking near the Channel resistance. Meanwhile, an extended correction could take the pair to as low as $0.71-0.84 area.

Conversely, a breakout above the Ascending Channel range could have traders open long entries towards $1.91, $2.16, $2.63, and so on (depending on their risk strategies). If the ongoing Bitcoin rally stalls below $20,000, it could also raise the possibility for SUSHI to attempt a push towards $2.16 as its primary upside target.

All the levels hold historical significance as supports and resistances.

0 Like(s)



You should also read...

Other 19/11/20 12:50 by Yashu Gola
Yearn Finance (YFI) Pushes Past $27K after MakerDAO Integration
Yearn Finance’s governance token YFI surged Thursday as traders assessed its acceptance at MakerDao as a collateral asset. The YFI/USD exchange rate ascended 6.62 percent to $27,193, a multi-wee...
Read More
Other 02/12/20 13:35 by Yashu Gola
SushiSwap Hits Multi-Week High on High Profile Synergies; What’s Next?
SushiSwap’s governance token SUSHI continued its rally upward on Wednesday as its price per unit breached the $2-resistance level. The SUSHI/USD exchange rate rose 13.15 percent ahead of the New...
Read More
Other 11/12/20 13:39 by Yashu Gola
Yearn Finance (YFI) Dips 25% in Five Days; More Downsides Ahead?
Yearn Finance’s governance token YFI logged further losses in a bearish correction that saw its price crashing by 25 percent this week. The YFI/USD exchange rate plunged more than 5 percent on F...
Read More
Mining 15/12/20 13:00 by Yashu Gola
SushiSwap (SUSHI) Jumps 15% on Liquidity Mining Data; What’s Next
The cost to purchase one SushiSwap governance token surged by more than 15 percent in the last 24 hours. Dubbed as SUSHI, the cryptocurrency established a weekly high near $2.74 on Monday following a ...
Read More
Crypto 15/02/21 12:38 by Yashu Gola
Traders Seek Safety in SushiSwap (SUSHI) as Crypto Market Loses $25bn
An early session slipover in the SushiSwap’s SUSHI market turned into a buying opportunity for traders that were seeking safety against a dwindling cryptocurrency market this Monday. The SUSHI/U...
Read More