SushiSwap price has made a strong comeback this week as investors react to several important ecosystem news. SUSHI soared to a high of $1.3328, which was the highest level since September 10 of this year. It has jumped by more than 54% from its lowest level this year.
Why is SUSHI soaring?
SushiSwap is one of the biggest players in the Decentralized Finance (DeFi) industry. It is an alternative to Uniswap and PancakeSwap in that it lets people swap tokens at a slightly small cost. Further, the platform has a cross-chain swapping feature and the ability to earn fees by providing liquidity to the network.
SushiSwap product is available across most blockchains like Ethereum, Arbitrum, Polygon, Harmony, and Avalanche. All these versions have a combined market cap of more than $515 million. Ethereum’s version has the biggest share since it has over $373 million in assets. At its peak, SusshiSwap had a total value locked of over $5 billion.
SUSHI price rose sharply this week after some important cryptocurrency news in the ecosystem. First, Sushi DAO announced that it was changing its leadership team. Jared Grey was elected as the “head chef”, the equivalent of a CEO.
Grey is a highly experienced professional who has established several crypto startups in the past few years. In a statement, he said that he will focus his time on revenue and market share growth. The DAO faces significant competition from the likes of dYdX and Uniswap.
Still, it is unclear how long he will keep his job since several officials have left the organization in the past few months. Jonathan Howard left his CEO role in August.
Another main reason why the SushiSwap price has done well is that GoldenTree Asset Management said that it had invested in the token. It acquired tokens worth over $5.2 million.
SushiSwap price prediction
Turning to the daily chart, we see that the SUSHI price has risen in the past five straight days. In this period, it has risen to the upper side of the symmetrical triangle pattern that is shown in purple. It has also risen slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.
Therefore, I suspect that the SushiSwap price will resume the bearish trend as sellers target the lower side of the triangle pattern at $1.02.
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