Short

SUSHI. 4h. How the price $0.55 is real in the nearest future?

Updated

SushiSwap hronology. Is likely the meme project that is currently rocking the entire DeFi space. Here, investors can switch liquidity from the Uniswap Decentralized Exchange (DEX) to SushiSwap and profit from it.

3 and 7.09: saw the first security holes and a double-spend bug that retains the right to vote for the tokens owner even when they are transferred.
5.09,SushiSwap founder sells all SUSHI. There were rumors about the anonymous creator of SushiSwap who withdrew from the pool about 2,5 million SUSHI and about 20,000 ETH associated with it and exchanged SUSHI for ETH. There was an additional 18,000 ETH for this exchange, which is equivalent to roughly $13.16 million. As a result, of his actions, to the chagrin of many SUSHI holders, ultimate in a sharp price fall by 88%.
6.09, FTX buys SushiSwap. Sam Bankman-Freed, the managing director of crypto exchange FTX, urged boss Nomi to resign to save the project from collapse. After that, crypto boss Sushi confirmed on Twitter that he had left the management level of Sushi Swap. The exact steps and background to his resignation are unclear, but following the announcement of his scandalous departure, the anonymous founder of the Uniswap fork handed over full control to his high-profile critic, FTX CEO Sam Bankman-Freed, who has now completely bought up the protocol. The price has recovered and is $2.47 now.
Today 10.09, the DeFi-protocol Sushiswap separated from Uniswap and take out 1.3 billion to its own platform and only 346 million remain on Uniswap.

Hard blow to the "decentralized system"

And icing on the cake.
On 8 September, the cryptocurrency analytical firm Glassnode published a report that relies on mathematical models and assumptions to ensure the stable operation of the platform. This report shows that even the current SUSHI price is overstated and the fair SUSHI price is only $0.31.

Our technical analysis is also based on assumptions, since the trading history is very small and the coin is manipulative. However, using Fibo levels, we agree with Glassnode analysts that if the SUSHI price does not rise above $3.50 in the coming days, then we will have another strong move down to the levels $0.55 and $0.4.
__________________________________________
Since 2016, we have been analyzing and trading the cryptocurrency market.
We transform our knowledge, trading moods and experience into ideas. Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer - help us to be happier.

Note

The anonymous creator of SushiSwap made a tweet on 11 September that he is returning the previously taken 38000ETH to the project. He apologized for his decision to withdraw funds from the developers fund and said that he would continue to help the development of the project, but would not have any control over it and participate in management.

It triggered an active buyout from Sushi and 37% growth in a matter of hours.
However, the growth stopped at $2.94 and could not go beyond the trading limits.

Thought leaders pull investors leg with manipulative tweets as they want.

And the facts are as follows:
- the trading delta in the last week's trade is negative, that is, sales prevail over purchases;
- if the price manages to grow and fix above $2.90, then the way to $5.80 will be open;
- if the price on volumes falls below $2.18, then hello $1.19, $0.55 and $0.37.

P_S_trade

🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE

🔥V-I-P cutt.ly/PwkLhT56

👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s

🔵Telegram t.me/pstrade_eng

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.