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SushiSwap (SUSHI) has advanced from $14.7 above $24 since the beginning of March, and the current price stands around $19.7. The cryptocurrency market continues to trade in a bull zone; Bitcoin has stabilized above the $58000 support level, indicating that the price could reach the $60000 resistance level in the upcoming days.
Fundamental analysis: SushiSwap liquidity has risen dramatically
SushiSwap is a decentralized cryptocurrency exchange build on the Ethereum blockchain, which is very similar to Uniswap in both appearance and function. Sushiswap was officially launched in August 2020 by its founder Chef Nomi who left SushiSwap after he broke the community’s trust by selling $14M of SUSHI for ETH.
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The idea of Chef Nomi was to create something similar to Uniswap but with a more community-driven vision. Today, SushiSwap represents the evolution of Uniswap because it better aligns incentives for network participants by introducing revenue-sharing & network effects.
Sushiswap has become one of the largest decentralized exchanges, and according to the latest news, SushiSwap is deploying its contracts on five networks, including xDai, Moonbeam Network, Binance Smart Chain, Polygon (previously called Matic), and Fantom.
This March, SushiSwap CTO, Joseph Delong, announced that Sushi is planning additional future deployments and exploring alternatives to Ethereum amid high gas prices.
“These deployments are relatively simple to develop. The industry is currently trending towards bridges and multichain deployments as a middle step before L2 to mitigate high gas costs,” said SushiSwap CTO, Joseph Delong.
This decentralized cryptocurrency exchange operates by smart contracts while no single entity controls the protocol. With a weekly volume of nearly $3 billion, SushiSwap is the second-largest DEX, and it is also attempting to increase its dominance with new features.
SushiSwap liquidity has risen dramatically, while this cryptocurrency price could advance even more in the ongoing bull market. Despite this, the current risk/reward ratio is not good for long-term investors, in my opinion, and if you decide to trade SushiSwap in April, you should always use a “stop-loss” order.
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Technical analysis: SushiSwap has made a big jump in a short-time period
This cryptocurrency has made a big jump in a short-time period and, if you decide to buy SushiSwap (SUSHI), you should consider that the price could also weaken from the current levels.
The critical support levels are $18, $16, and $14; $22 and $24 represent the current resistance levels. If the price jumps again above $22, it would be a signal to trade SushiSwap (SUSHI), and the next price target could be around $24.
On the other side, if the price falls below $18, it would be a firm “sell” signal, and we have the open way to $16 support.
Summary
SushiSwap has seen significant gains in terms of exchange volume and market price over the last several weeks. If the price jumps again above $22, the next price target could be around $24, but if the price falls below $18, it would be a firm “sell” signal.
