SushiSwap Price Prediction: SUSHI Slices Through $0.59

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Following a week of positive momentum, SushiSwap’s price succumbed to bearish pressure, aligning with the depressing outlook of the broader crypto market. Data shows that SUSHI has dipped slightly by 1% over the past day.

Notably, SushiSwap initiated these downward movements on August 14 after hitting the day’s price of $0.7992. SUSHI’s price is 24% higher than its price two weeks ago.

But while its price and market cap remain in the red, trading activities recorded a notable uptick, evident in the 22% increase in 24-hour trading volume.

SushiSwap Grapples with Bearish Pressure While Bulls Prepare to Oversee Market

As the downward trend persists, SHUSHI records a 1.36% decline over the past 24 hours, bringing its price to $0.59 as of 04:17 AM EST. However, in the last seven days, SUSHI has had a slightly positive price change of 1.7%.

Although sellers control the market, their charge may only last for a while as buyers appear to be regaining momentum.

Technical Indicators Reveal Buyers’ Intent

After four days of significant downward movements, beginning August 15, SUSHI’s price has remained sideways. Although buyers attempted to restore its bullish trend during this period, they failed to get hold of the market.

The daily price chart shows that SUSHI is forming a new red candle today. This formation signals the persistent presence of the bears in the market, pushing the token’s price further away from the 50-day and 200-day Moving Averages.

Sellers’ charge over the market is also visible in the MACD, moving slightly underneath the signal line. Buyers want to dominate the market, while this setup confirms a continuous bearish trend.

The MACD histogram and Relative Strength Index support this possibility. The multiple fainting red histogram bars suggest a weakening of the prevailing bearish momentum.

Also, the RSI in the oversold region presents an attractive opportunity for buyers looking to leverage low prices to augment their holdings. If the market records more buying activity, SUSHI might record a bullish recovery in the coming days.

SushiSwap Support and Resistance Level Data

SUSHI has breached a critical support level. Notably, SUSHI’s price has respected this support position in the past, holding above it throughout the sideways movements over the past weeks.

While some dips could be imminent, there are higher chances of a reversal from this price point. If this bullish turn occurs, SUSHI could record a surge of over 19%, bringing its price to the next resistance at $0.821.

Nevertheless, predicting the prices of digital assets is not 100% guaranteed due to their subjection to sudden fluctuations. As such, traders must conduct further findings before opening any trade positions.

How DeFi Market Controls SUSHI’s Price Path

Like several other DeFi crypto assets, SUSHI’s price is controlled by the movement of the general decentralized finance market. This is particularly true given its price decline after an announcement from Balancer on August 27.

According to the report, Balancer, a decentralized finance protocol and automated market maker running on Ethereum, faced an unfortunate incident.

It confirmed via a communication on X (Twitter) on August 27 that it had fallen victim to exploitation, resulting in a loss of almost $900,000. This comes shortly after the protocol had revealed the existence of a vulnerability that impacted multiple pools.

Balancer is aware of an exploit related to the vulnerability below.

Mitigation procedures have drastically reduced risks, but are unable to pause affected pools.

To prevent further exploits, users must withdraw from affected LPs.https://t.co/PDzX32gqeS https://t.co/b4CSqVFbDg

— Balancer (@Balancer) August 27, 2023

A blockchain security expert named Meier Dolev has brought to light an Ethereum address believed to belong to the attacker.

This address received two transfers of the Dai stablecoin, amounting to $636,812 and $257,527. Consequently, the balance in this address has now surpassed $893,978.

In response, the Balancer protocol team announced X, acknowledging the exploit and the associated vulnerability. They highlighted that although considerable efforts had been made to mitigate risks over the past few days, the affected pools could not be halted.

Users were strongly advised to withdraw their funds from the affected liquidity providers (LPs) to safeguard against further exploits. Notably, this event negatively impacted the prices of several DeFi tokens, including SUSHI.

SushiSwap Alternative – Sonik Coin

Sonik Coin ($SONIK) is a new cryptocurrency built on Ethereum. Sonik Coin draws inspiration from the iconic character of Sonic the Hedgehog, aiming to revolutionize online gaming with blockchain technology.

. The project’s primary objective is to attain a maximum cap of $2.098 million, a pursuit actively underway through an ongoing presale campaign.

Within this presale phase, Sonik Coin has secured $551,826 out of the $2 million target, spreading excitement among investors anticipating massive returns in the coming months.

Sonik’s STAKE 2 EARN Concept

Distinctly, Sonik Coin has garnered attention due to its innovative “STAKE 2 EARN” concept, which promises users the potential to generate substantial returns.

Sonik stands out with its unique staking mechanism, which incentivizes coin holders to participate in staking activities. SONIK token holders can earn staking rewards for depositing their tokens in the project’s staking pool.

Regarding token distribution, the ongoing presale accounts for 50%, 40% is allocated for staking rewards, and the remaining 10% is reserved for liquidity.

It is steadily gaining traction and asserting its presence within the dynamic crypto landscape. Moreover, its marketing team appears to have ties with SpongeBob (SPONGE), which saw an 80x increase after its DEX launch.

The marketing endeavors of this team have yielded positive outcomes, with Sonik Coin being featured on reputable cryptocurrency news platforms. The project has naturally amassed a following of over 1,000 on X (Twitter) and attracted over 1,000 Telegram subscribers.

Moreover, experts believe that Sonik Coin holds the potential to become a noteworthy project, potentially experiencing substantial growth. With additional funding, the marketing campaign for the token is anticipated to gain momentum.

This would involve heightened engagement with influencers on platforms like X (Twitter) and YouTube and collaborative efforts with various crypto investment communities to promote the coin.

Those interested in the SONIK presale can visit Ssonikcoin to acquire the tokens using ETH or USDT.