- SUSHI crypto could soar by 60% to reach the $4.60 level if it closes a daily candle above $2.82.
- Per the spot inflow/outflow, exchanges have witnessed $6.82 million of outflow in the past 24 hours.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless price movements and trends that have shaped the landscape of various asset classes. With SUSHI, it seems we are witnessing another compelling narrative unfold.
In the past 24 hours, the cryptocurrency known as SUSHI (short for Sushi), which is associated with the decentralized trading platform SushiSwap, has seen a significant surge exceeding 20%.
At press time, SUSHI was trading near $2.45 after a price gain of over 23% in the past 24 hours.
In the span I was studying, the trading activity experienced a significant spike, jumping approximately 190%. This surge suggests a more active involvement from both traders and investors, implying a heightened interest in this particular market.
SUSHI crypto price momentum
Due to its significant price surge, SUSHI has successfully breached the robust barrier at $2.10. However, it encountered resistance at the $2.75 mark as of the current news update.
If SUSHI manages to break through the $2.82 barrier and ends its daily session above this price, it’s quite likely that it will surge by approximately 60% to reach around $4.60 in the near future.
Given the significant increase in price recently, it’s likely that SUSHI might undergo a price adjustment or stabilization period before possibly launching another strong upward trend.
Moreover, the Relative Strength Index (RSI) stood at 78.20, showing it was within the overbought range. Assets typically experience a potential price adjustment or drop when their RSI enters this overbought territory.
Rising interest from traders and investors
The positive trend in SUSHI’s pricing and a recent treasury announcement have sparked interest among large investors (whales) and institutional entities, as noted by on-chain analysis firm Coinglass.
Information from SUSHI’s inflow/outflow data indicates an outgoing exchange flow of approximately $6.82 million over the last day. Moreover, both long-term investors and active traders appear to be keenly interested in this altcoin.
Read Sushi’s [SUSHI] Price Prediction 2024–2025
Based on data from Coinglass, there’s been a significant 44.73% increase in the Open Interest for SUSHI within the last 24 hours. This suggests that investors are establishing new positions as the price trend appears to be bullish.
It appears that bulls are dominating the asset, potentially supporting SUSHI in its upcoming rally.
What is the Treasury Diversification Proposal?
“The significant increase in growth might be due to Jared Grey’s recent announcement about restructuring the SushiSwap Foundation, which includes his Treasury Diversification Proposal.
This proposal focuses on minimizing volatility, boosting liquidity, and generating passive income.
For a smooth execution of the plan, Sushi DAO has decided to divide its financial resources into three main sectors: stable digital coins, decentralized finance (DeFi) tokens, and well-known cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH].
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2024-12-10 08:10