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<a href="https://bitcoinworld.co.in/sushiswap-surges-80-this-cohort-joins-the-party/" title="SushiSwap Surges 80%, This Cohort Joins The Party" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Sushi continued its uptrend with an over 2% increase.</li>
 <li style="font-weight: 400">The Funding Rate also remained positive at press time.</li>
</ul>
SushiSwap [SUSHI] has seen a large price boost, making it one of the current market’s winners. Is this bullish feeling shared by derivative traders as a result of the price uptrend?
<h3 id="span-style-font-weight-400-sushiswap-increased-by-more-than-80-span">SushiSwap Increased By More Than 80%</h3>
SushiSwap is one of the most prominent beneficiaries of the current cryptocurrency bull market. This optimistic trend is due in part to the recent increase in the value of Bitcoin [BTC] over the last several weeks.
Profits from Bitcoin’s price above $34,000 have flooded into these altcoins. Furthermore, according to a <a href="https://twitter.com/santimentfeed/status/1720703388483240242?t=LvdR62WiJXnTWYGsuEI6mA&amp;s=19" rel="noopener noreferrer nofollow">Santimen</a>t analysis, its value has increased by an astonishing 82% in the last week.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f973.png" alt="🥳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Altcoins</a> are continuing to make up for lost time. As <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> continues resting just below $35K, profits from the past couple weeks continue funneling into large and mid cap assets like <a href="https://twitter.com/search?q=%24SNT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SNT</a> (+108% in 7 days), <a href="https://twitter.com/search?q=%24SUSHI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SUSHI</a> (+82% in 7 days), and <a href="https://twitter.com/search?q=%24BLZ&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BLZ</a> (+39% in 7 days). <a href="https://t.co/vFookgr47m" rel="noopener noreferrer nofollow">pic.twitter.com/vFookgr47m</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1720703388483240242?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 4, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h3 id="span-style-font-weight-400-trend-analysis-of-sushi-span">Trend Analysis of SUSHI</h3>
A substantial amount of SushiSwap’s astounding 80% value increase occurred on a single trade on the daily period chart. On November 1, trade accounted for 47.80% of the increase.
Following that, the asset dropped by more than 8% in the following trading session. It remained, however, inside the new price range. It was selling at roughly $1.0 at the time of writing, representing a 2% gain in value.
<figure id="attachment_54434" aria-describedby="caption-attachment-54434" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-54434" src="https://bitcoinworld.co.in/wp-content/uploads/Sushi-Price-Chart-440x300.png" alt="" width="499" height="340" srcset="https://bitcoinworld.co.in/wp-content/uploads/Sushi-Price-Chart-440x300.png 440w, https://bitcoinworld.co.in/wp-content/uploads/Sushi-Price-Chart-733x500.png 733w, https://bitcoinworld.co.in/wp-content/uploads/Sushi-Price-Chart.png 768w" sizes="(max-width: 499px) 100vw, 499px">
 <figcaption id="caption-attachment-54434" class="wp-caption-text">
 Sushi Price Chart | Source: <a href="https://coinstats.app/coins/sushi/" rel="noopener noreferrer nofollow">Coinstats</a>
 </figcaption>
</figure>
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In addition, the Relative Strength Index (RSI) indicated the possibility of a price correction in the near future. At the time of writing, the RSI had moved above 80, indicating that the asset was overbought and in a positive trend.
Furthermore, the dropping trading volume suggested that a price correction was imminent.
Read Also: <a class="row-title" href="https://bitcoinworld.co.in/ada-price-rose-36-5-in-two-weeks-as-cardano-sees-increased-whale-transactions-and-address-activity/" aria-label="“ADA Price Rose 36.5% in Two Weeks as Cardano Sees Increased Whale Transactions and Address Activity” (Edit)" rel="noopener noreferrer nofollow">ADA Price Rose 36.5% in Two Weeks as Cardano Sees Increased Whale Transactions and Address Activity</a>
<h3 id="span-style-font-weight-400-derivative-traders-bank-on-price-increase-span">Derivative Traders Bank On Price Increase</h3>
An examination of the funding rate on <a href="https://www.coinglass.com/currencies/SUSHI" rel="noopener noreferrer nofollow">Coinglass</a> reveals that derivative market traders have a favorable perspective on pricing as well. SushiSwap’s funding rate has reached its highest level in some months, hovering around 0.2%.
Following that, it gradually fell but remained positive, standing at roughly 0.01% at the time of this report.
Furthermore, the liquidation chart demonstrated that the price rise resulted in an increase in liquidations. There was just a tiny difference between short and long liquidations at the time of publication.
Short liquidations totaled around $213,000, while long liquidations totaled approximately $218,000.
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
The post <a href="https://bitcoinworld.co.in/sushiswap-surges-80-this-cohort-joins-the-party/" rel="noopener noreferrer nofollow">SushiSwap Surges 80%, This Cohort Joins The Party</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

SushiSwap Surges 80%, This Cohort Joins The Party

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