Last week, many cryptocurrencies experienced a decline in prices. However, SushiSwap (SUSHI) behaved differently as its value increased. Considering market conditions, should investors expect SUSHI’s price to rise in the coming days?
Price Surge in SUSHI
Investors saw a favorable price movement last week for SushiSwap, resulting in an uptrend. According to CoinMarketCap, SUSHI saw an increase of over 2.5% in the last seven days. At the time of writing, SUSHI is trading at $1.11 with a market cap of over $258 million. This price increase has helped investors to realize more profits.
A popular cryptocurrency analyst, Ali Martinez, pointed out an interesting development. According to his tweet, more than 82% of SUSHI holders are currently ‘out of the money‘. This could also mean that the value of SUSHI might be undervalued. Cryptocurrency analytics firm Santiment revealed that SUSHI’s social volume increased last week, which could indicate a rise in the token’s popularity in the crypto space. However, despite the price increase, the overall sentiment for the token remained on the negative side.
Santiment Report on SUSHI
This situation might indicate a prevailing bearish trend around SushiSwap in the market. The token’s exchange outflow also showed an increase last week, which could mean there is high buying pressure on the token and this could be interpreted as a bullish signal. SUSHI’s MVRV ratio, while remaining low, recorded a slight improvement, which could help sustain its price increase. Nevertheless, network growth decreased last week.
This could mean that fewer new addresses are being created to transfer the token. According to daily charts, the MACD lines are closely intertwined, suggesting that bulls might soon overtake the bears. The token’s Relative Strength Index (RSI) recorded a slight rise and is moving towards a neutral level, which could increase the possibility of a continued price increase in the coming days. However, the Chaikin Money Flow (CMF) maintained a downward trend in the recent past.