SushiSwap (SUSHI) Recovery Rally is Contingent with These Events
SushiSwap maintains its place as the 10th largest DeFi protocol by all means. The vital issue is that the network’s investors incur constant losses, and they appear to react according to expectations for now.
SUSHI started November with impressive price moves. However, the altcoin lost its momentum within three days and began its downtrend without pausing. That had SUSHI losing 40% of its value, exploring the levels at $7.9.
The downward actions by SushiSwap saw investors suffering. For now, 84% of the coin addressed faces losses. Keep in mind that the crypto explores its lowest levels since its inception in 2020 August. Moreover, new market payers that joined the network over the past month observe losses as of now.
Such events had most investors selling their SUSHI tokens as the asset’s overall market sustains constant losses. Nevertheless, that was a trend by retrial investors since whales did not display notable differences in movements.
Meanwhile, SUSHI’s TVL reflects the alt’s downswings. The coin had its total value locked, dropping by 34% over the month. That had its market value turning negative, breaking a 6-month record. However, the altcoin’s downswings might be approaching an end. That is because the alt gained about 13% since yesterday, while its total value locked recovered by almost $1.4 billion.
Moreover, the ADX shows that the downswings touched the saturation level, and market players can expect trend reversal once it plummets beneath 25.
The withdrawing red bars show fading bearish momentum, and the rise in the MACD line displays similar conclusions. Meanwhile, market participants can expect SUSHI to mimic Bitcoin’s trend soon. That is because the altcoin’s correlation with BTC is 83%.
Meanwhile, BTC appears weak to challenge the psychological resistance at $60,000. Keep in mind that the leading crypto suffered losses since touching its record ATH near $69,000. Meanwhile, a surge past the $60K level can trigger a rally in the overall market, supporting SUSHI to explore new highs.
Currently, SushiSwap (SUSHI) has its critical resistance level at $9.1. If the up-and-coming sessions have the altcoin flipping this area and testing it as its support, SUSHI will have improved rally recovery chances.
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