SushiSwap’s remarkable 80% price surge has ignited a sense of excitement, attracting derivative traders who are riding the bullish wave. The big question on everyone’s mind is whether this beloved cryptocurrency will maintain its upward momentum.
SushiSwap, represented by the token SUSHI, has seen a substantial price surge, placing it among the notable winners in the present market conditions. This upward trend has sparked the interest of derivative traders, who are increasingly adopting a bullish outlook on SushiSwap’s future performance.
SushiSwap Thriving in the Altcoin Bull Market
SushiSwap is emerging as one of the standout gainers in the current altcoin bull market. This positive trend is partly attributed to the recent rise in the value of Bitcoin (BTC) over the past weeks. As Bitcoin maintained a price level above $34,000, it fueled gains for altcoins like SushiSwap. According to a Santiment report, SushiSwap has recorded an impressive 82% increase in value over the past week.
Examining the daily chart, a substantial portion of SushiSwap’s remarkable 80% price surge occurred during a single trade on November 1st. This specific trade contributed to 47.80% of the overall increase. Following this surge, the asset experienced a modest drop of over 8% in the subsequent trading session. However, it remained within the new price range. At the time of writing, SushiSwap was trading at approximately $1.0, with a 2% increase in its value.
Source: TradingView
Indicators and Market Trends
The Relative Strength Index (RSI) offered a potential insight into the asset’s future movement. At the time of writing, the RSI had exceeded 80, indicating that SushiSwap was overbought and in a bullish trend. This could suggest a future price correction.
A decline in trading volume further hinted at the possibility of a price retracement. The lower trading activity indicated that a shift in price direction might be on the horizon.
Derivative Market Traders’ Positive Outlook
Derivative market traders appeared optimistic about SushiSwap’s future as well. The funding rate on Coinglass showed a notable increase, reaching approximately 0.2%, the highest level in several months. Although it gradually decreased, it remained in positive territory at around 0.01% at the time of this report.
The recent price surge also led to an increase in liquidations, with only a slight difference between short and long liquidations. Short liquidations amounted to roughly $213,000, while long liquidations stood at approximately $218,000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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