SushiSwap’s trading volume remained below that of Uniswap according to data from Kaiko On the price front, SUSHI saw a 0.35% decline over the past seven days
Decentralized Exchange SushiSwap [SUSHI] hasn’t been at its best for a while. The exchange had an even worse time in recent days.
SushiSwp recently fell victim to a white-hat exploit that led to a loss of nearly 1800 ETH. To add to the list of bad news, SushiSwap’s trading volumes have been disappointing, especially over the past year.
SushiSwap remained below Uniswap’s trading volumes for most of the year, according to crypto analytics platform Kaiko. However, the former’s trading volume only managed to surpass Uniswap once.
🍣SushiSwap has had a tough year.
Trading volumes only surpassed Uniswap V2 once in the last 66 weeks (not even looking at V3).
What is the future of the second largest #DEX? pic.twitter.com/wKYwcOLVjc
— Kaiko (@KaikoData) April 11, 2023
Read SushiSwaps [SUSHI] Price Forecast 2023-24
Who’s in the mood for SUSHI?
At the time of writing, SushiSwap failed to keep its fortress afloat. According to Santiment data, development activity on the SushiSwap network did not appear to be at its best.
Moreover, it witnessed a decline after rising again on April 8. However, the total number of holders did not drop significantly as expected and remained at the same level as in recent days.
According to additional data from data analytics platform CryptoQuant, SUSHI’s total exchange network flow has witnessed a downturn over the past seven days. This can be taken as a positive update.
However, SUSHI’s foreign exchange reserves have increased in the past 24 hours. An increase in foreign exchange reserves could indicate higher selling pressure for SUSHI in the coming days.
Looking at address growth, data from Glassnode showed that there was no significant movement in the number of new addresses on the network. At the time of writing, the number of new addresses stood at 87, which was low compared to the past seven days.
Hang in there SUSHI!
At the time of writing, SUSHI switched hands for $1.14. As shown in the chart below, SUSHI was flashing green at press time. In addition, the Relative Strength Index (RSI) appeared to move away from the neutral line and up. At the time of writing, SUSHI’s RSI stood at 53.50.
How much are 1,10,100 SUSHIs worth today?
In addition, the Moving Average Convergence Divergence (MACD) also favored the token. Now that the MACD line crosses the signal line, it can be seen that the price may experience an increase. The histogram also flashed green, indicating a price increase for SUSHI.
A look at the Money Flow Index (MFI) further indicated that the price could rise if the indicator hovers above the neutral line.
So has SUSHI left its bad days behind? That can only be the case if SUSHI continues its bullish trajectory in the coming days. However, traders are advised to remain cautious.
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