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Onchain_analysis

BTC is not at the bottom of the market the chart shows the NVM ratio. This oscillator works to compare the current value of the Bitcoin with its true value based on the Metcalfe Ratio Necessary explanations about this oscillator are given in the following link. In the analysis that has been observed in recent days in Trading View, some analysts consider the current situation as a range of accumulation at the bottom of the market. According to this oscillator, we are not yet at the bottom of the market. Although there is a possibility of the local top in the market, it seems that we will experience lower prices. (Use this oscillator at the weekly timeframe. This oscillator is for bitcoin and uses onchain data)
BITSTAMP:BTCUSD
by cryptoonchain
9
Combining wyckoff's theory with ONCHAIN data"This is a hypothesis that needs more testing to be more precise." Wyckoff's theory t is one of the most influential theories of market expression, and the most important components of which are lateral movement areas and trends. This theory turns the graph into something like Dots and lines (stations and paths). But it is not as easy to use as written in books. After getting acquainted with Wyckoff's theory, I read several books on the subject, hoping that they could help me identify this area of ​​lateral movement, the area of accumulation, or distribution. But there was a fundamental drawback. It is challenging to diagnose this issue. In fact, the rules discussed in these books are highly interpretive and subjective, and two different individual traders may come to exactly opposite conclusions based on their interpretation. But as I became more familiar with the onchain analysis, an idea came to my mind that might be useful for more objectively recognizing charts based on Wyckoff's theory. Composite Man: Wyckoff proposed a theory to help understand price movements in stocks. this is the “Composite Man” theory. (The same concept of whales or strong hands.) he said: “…all the fluctuations in the market and in all the various stocks should be studied as if they were the result of one man’s operations. Let us call him the Composite Man, who, in theory, sits behind the scenes and manipulates the stocks to your disadvantage if you do not understand the game as he plays it; and to your great profit if you do understand it.” (The Richard D. Wyckoff Course in Stock Market Science and Technique, section 9, p. 1-2) In fact, composite Man is a hypothetical man who has so much money and stocks that when he wants he can gradually increase the price by buying stocks and creating demand, and when the price goes high enough he selles his stock and lower the price. The composite man is the main player in the market. Wyckoff says that if you want to make a good profit from the market, figure out what a composite man game is. In fact, having a way of showing us where the Composite Man is in the market, can help us understand future trends Who are the strong hands in the cryptocurrency market? (I use the strong hand word here instead of the composite man) There are those who buy or sell more per capita than other market participants (retailers). To understand this in the bitcoin market, I have used 3 charts and concepts: 1- Sending Addresses: The number of coins addresses making inflow transactions to the exchange. Indicates the number of sellers' wallets (number of sellers) 2- buyers Addresses: The number of coins addresses making outflow transactions from the exchange. Indicates the number of buyers' wallets (number of buyers) 3- Pay attention to this issue: the volume of transactions shows both the volume of sales and the buy (Volume of buy and sale is equal in the market) Considering the above 3 issues, it can be concluded: - If the number of Receiving Addresses is higher than the Sending Addresses (the number of people who bought compared to the number of those who sold), it indicates that more people bought and fewer people sold (given that the volume of sales and buys are the same) So the sellers were stronger hands. In such a situation, the composite man is on the sales side. - If the number of Sending Addresses is higher than the Receiving Addresses (number of people who have sold more than the number of people who have bought), it indicates that more people have been sellers and fewer people have been buyers (given that the volume of sales and buys are the same) so the buyers were stronger hands. In such a situation, the Composite man is on the buying side. To do this, the oscillator at the bottom of the chart divides the Number of Receiving Addresses by the Number of Sending Addresses. Numbers above 1.2 indicate that the Composite man is on the side of the sellers and should expect a price reduction in the future. Values below 1 (or 1.2) indicate that the Composite man is on the buyers side. And we should expect price increases in the future.
BITSTAMP:BTCUSDEducation
by cryptoonchain
NVM Ratio: Bitcoin is is overvalued"Please note that this post is not a recommendation to trade, it is just a review of an ONCHAIN index. " One way to check the intrinsic value of bitcoin is the NVM Ratio, And it can be compared to the P/E index in the stock market This index is based on Metcalfe’s Law. Metcalfe’s law states the effect of a telecommunications network is proportional to the square of the number of connected users of the system. In another world: the value of the network is proportional to the square of the number of active users. Network Value to Metcalfe Ratio (NVM Ratio) is defined as the ratio of the log of market capitalization divided by the log of the square of daily active addresses. The chart above shows the price of Bitcoin, MarketCap, and the number of active addresses. We have compared these 3 values in the top 2021 compared to 2018. Although the number of active addresses has remained almost constant, the market cap has risen from 378 B to 1.22 T (It has increased almost 3.3 times). In fact, despite the fact that the number of active network addresses remains constant, its price has increased 3.3 times. NVM ratio in the recent top was 1.32 and in the top of 2017 was 0.43. NVM Ratio is now close to its ATH. This could be a sign that the network is overvalued
COINBASE:BTCUSDEducation
by cryptoonchain
5
Is the current price the market bottom?Is the current price the market bottom of bitcoin? We examine the answer to this question based on 3 on-chain ratios. The NUPL value has been lower than 0.25 and 0 in the previous market bottoms. The NUPL is 0.37 now and is in a downtrend. Therefore bitcoin is likely to experience lower values ​​before the start of the next uptrend. The MVRV ratio Says "No" to this question. The MVRV value at the bottom of the market is historically less than 1. The current price (MVRV = 1.6) is probably not the market bottom The chart shows the SOPR for Bitcoin. Historically, values less than 0.98 have determined the bottom of the market. SOPR is now "1" and has a downtrend, Which can signal further price reduction.
BITFINEX:BTCUSD
by cryptoonchain
4
Huge market volatility could be loomingHuge market volatility could be looming... COINBASE:BTCUSD COINBASE:ETHUSD BITFINEX:BTCUSDSHORTS BITFINEX:BTCUSDLONGS Top 69 BTC whales only bought about 7000 BTC despite over 30,745 BTC leaving exchanges on 3/11. I also notice this big order (30745 BTC) splits into multiple smaller orders (98 BTC) subsequently, and "BTCUSDSHORTS" in Bitfinex exchange rising fast (The vertical black line represents that more than 10,000 BTC flowed out of the exchanges). There are 3 possibilities: 1. OTC or it could be an internal transfer of exchanges (Neutral) 2. Actual market demand (Bull market: Supply squeeze) 3. Whale's trick that will cause wild swings in the market (Wash the market: Short-squeeze and Long-squeeze) Please be aware of possible events: Short-squeeze and Long-squeeze, that is huge market volatility could be looming. Addition, keep the eye on "Exchange Netflow" to monitor whether these small orders (98 BTC) returned to the exchanges quickly. ---------------------------------- Analyst of cryptocurrency Yu-Shiuan Chen (CQ & Tradingview Taiwan)
BITFINEX:BTCUSDSHORTS
by Analyst_YuShiuanChen
Don`t rush to trade, the market is decidingA look at the technical and on-chain analysis on bitcoin shows that the market has not yet decided for the future trend. In the Ranko diagram, we can see a wedge that is neither ascending nor descending In Ichimoku analysis, bitcoin has entered the Kumo cloud. This indicates that the market is making decisions and it is recommended not to trade. OnChain analysis: The on-Chain analysis also shows low levels of transactions The market has had the lowest level of transactions since 2020. The Moving average of inflow and outflow of exchange also has a downtrend and there is no significant inflow or outflow of bitcoins in exchanges. Supply/Demand for BTC reserve for all exchanges reached a 3.5-year low. My idea is that the market is making a decision, and until this decision is made, it is better not to make definite predictions trend. The diagram identifies the levels that must be broken out to confirm the future trend. These levels are $ 45,000 for the uptrend and $ 32,000 for the downtrend in the Renko chart.
COINBASE:BTCUSD
by cryptoonchain
the percent of circulating supply that has not moved 1 yearThis chart shows the percent of circulating supply that has not moved in at least 1 year. This data shows what percentage of long-term holders have kept their bitcoins. This index has a negative correlation with price. When prices fall, holders are reluctant to sell and the index starts to rise. Once the price has risen enough, some of these holders will start selling their bitcoins, which causes supply to increase and prices to start falling. The linear correlation in the correlation oscillator indicates the negative correlation with R = - 0.9. For a better understanding, a bitcoin chart is drawn next to it and the peak and trough points are marked.
BEducation
by cryptoonchain
ETH ONCHAIN ANALYSIS: SOPR ANALYSISONCHAIN analysis can be equated with fundamental analysis in the world of cryptocurrency. SOPR is an Abbreviation of The Spent Output Profit Ratio (SOPR). it is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or simply: price sold / price paid. In fact, this index shows whether investors are in profit or in loss? See the link below for more information on SOPR: Here we want to present the SOPR analysis of the ETHEREUM ETH crossed the value 1 down (in the oscillator 0). This means that ETHEREUM investors are no longer profitable. The oscillator, on the other hand, shows a downward trend. Based on this, it is likely that we will see a continuation of the downward trend to the point that the price is considered low enough for investors to enter the market for a long position. COINBASE:ETHUSD BITSTAMP:ETHUSD BINANCE:ETHUSDT BITFINEX:ETHUSD
by cryptoonchain
BTC ON-CHAIN ANALYSIS: SOPR ON-CHAIN analysis can be equated with fundamental analysis in the world of cryptocurrency. From now, I will try to do some of the analysis available in Trading View. The SOPR index is one of the available on-chain data in Trading View. SOPR is an Abbreviation of The Spent Output Profit Ratio (SOPR). it is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or simply: price sold / price paid. In fact, this index shows whether investors are in profit or in loss? When SOPR> 1, it means that the owners of the BTC are in profit and when SOPR< 1, they are at a loss during a bull market values of SOPR below 1 are rejected: In a bull market, when SOPR falls below 1, people would sell at a loss, and thus be reluctant to do so. This pushes the supply down significantly, which in turn puts upward pressure on the price, which increases. during a bear market values of SOPR above 1 are rejected: In a bear market, everyone is selling or waiting for the break-even point to sell. When SOPR is close/greater than 1, people start to sell even more, as they reach break-even. With a higher supply, the price plunges. This indicator can be used in another way - is the price relatively cheap or relatively expensive? Based on historical data, I have drawn OVERBOUGHT and OVERSOLD areas. At low prices, investors tend to buy, which in turn will increase prices, and at high ratios, investors will tend to sell. BITSTAMP:BTCUSD COINBASE:BTCUSD BINANCE:BTCUSD BINANCE:BTCUSDT BYBIT:BTCUSDT
BEducation
by cryptoonchain
1
Whales are luring trader to build short positionWe are in the Phase 4 (Refill short fuel) of bulls attacked and whales are luring trader to build short position COINBASE:ETHUSD COINBASE:BTCUSD Phase 4. KD80 -> KD 60-70 (Mild) or KD 40-50 (Aggressive): Market makers completed the first short-squeeze and most retail investors started to open the long position. Therefore, the price correction will happen in the short term because the fuel of short-squeeze is not enough. See the Funding Rates of BTC(&ETH), the fuel of short-squeeze is not enough. upload.cc Thus, we are in the Phase 4 (Refill short fuel) of bulls attacked and whales are luring trader to build short position. There are two mode to lure trader building the short position: 1. KD from 80-100 fell back to 60-70 (Mild): ETH price 2950-3100USD or 2. KD from 80-100 fell back to 40-50 (Aggressive): ETH price 2700-2800 USD Ps: If you want to understand the complete process of strong bulls attack (5 steps), please check my previous articles :D. ---------------------------------- Analyst of cryptocurrency Yu-Shiuan Chen (CQ & Tradingview Taiwan)
COINBASE:ETHUSDLong
by Analyst_YuShiuanChen
4
The ETH market is in the Phase 3 (Short-squeeze) of bulls attackThe breakout of ETH market happened as we expected and the ETH price had risen rapidly more than 10% in the past few day. The order of strong bulls attack (ETH price may up to new high) including 5 Phase. Now we are in the phase 3 (KD 50 -> KD70-80, and KD>70 more than 3 days) that I mentioned in my previous articles. check the funding rates: upload.cc Phase 3 (Short squeeze). KD 50 -> KD70-80, and KD>70 more than 3days: Market makers carry out the strong short-squeeze ( bullish ), and price rise rapidly. The fuel of short-squeeze decreasing as price rising (see the funding rates). Wonderful performance may be coming! Good luck! Ps: If you want to understand the complete process of strong bulls attack (5 steps), please check my previous articles :D. ---------------------------------- Analyst of cryptocurrency Yu-Shiuan Chen
COINBASE:ETHUSDLong
by Analyst_YuShiuanChen
Bloody Christmas? [Bitcoin and Altcoins with unusual movement]Hi. Looking at some on-chain data on several blockchains, we have an unusual movement. Price Drawdown from ATH The percent drawdown of the asset's price from the previous all-time high. When the value is equal to zero, we have no drawdown. When it is less than zero we have a drawdown multiplied by 100 (percentage). When the indicator hits the top several times at zero value, it indicates a lot of profit taking. And when it reaches a value less than -0.50, it indicates a lot of loss taking (a huge drawdown). Since nothing lasts forever, either for good or for bad, this indicator serves to demonstrate the exhaustion of both sides, bulls and bears alike. What the graphic indicates: now a maximum drawdown of 100% has been reached since the last all-time high. Surprisingly, this was higher than the historical value of -0.92 in November/2011. What can we interpret from this abrupt drop? Perhaps market players agreed to divest their positions at any cost to avoid further losses. But looking back, the deeper the better the price to buy. Mean Transaction Fees in USD The total amount of fees paid to miners. Issued (minted) coins are not included. High fees mean paying to perform a transaction at any cost! When rates peaked, the price fell shortly thereafter. Will it happen again? I do not know. Mean Transfer Volume in USD The mean value of a transfer. Only successful transfers are counted. Looking at this indicator, when we have an increase in volume, we have a price increase. And when we have a decrease in volume, we have a drop in price. Right now we have a trend towards increasing volume. As with the fees indicator, we had a peak in this volume, and generally after that we have a drop in price. Conclusion Caution is required. The on-chain data is diverging. The Price Drawdown indicates a great time to buy, because when it reaches the maximum drawdown, right after the price goes up. On the other hand, unusual transfers and fees indicate a possible downward movement. However, it should be noted that it is not because an event occurred in the past that it will necessarily be repeated in the future. These indicators are just an auxiliary tool. The best indicator that exists is the price itself, and it will tell us what will happen from now on.
INDEX:BTCUSD
by andre_007
1
Market in troubled time, including BitcoinHi. Hope you all are well. Price analysis Considering the Arnaud Legoux averages, I can see the strength of the trend within the price chart itself. What we have? The average of 32 (green) has crossed below the average of 64 (blue), and there is now an expansion in width between these two averages. And the average of 128 (white) started to slant down. This indicates a fall in the short and medium term. The averages of 256 (yellow) and 512 (orange) still point up, but tend to sideways, indicating possible support and resistance. Hard time to predict. In a possible bigger drop, theoretically the next support would be in the average of 1024 (cyan), and if a meteor falls on the Earth it would be in the average of 2048 (purple). In short, we see a driving force pushing the price down, at least in the short term. It remains to be seen how long this will happen. On-chain analysis Now let's look at Glassnode's indicator 'Price Drawdown from ATH', which is the percent drawdown of the asset's price from the previous all-time high. Currently, the loss of those who bought at the top is 27% (0.27 x 100). What is the crux of this indicator? The best buying region is when the drawdown reaches high values, and then there is an upward reversal. We can cite the peak of July 20, 2021, when the drawdown reached 50%. Soon after that, the market understood that it was a good region to buy, and the price continued to rise. If this happens again and the market crashes, the next good entry price would be $28,755, when the drawdown reaches 50%.
INDEX:BTCUSDShort
by andre_007
1
Black Friday to buy BitcoinHi. Here's my analysis on Bitcoin\Dollar price. // --------------------------------------------------------------- // Graphical Analysis // --------------------------------------------------------------- On the weekly chart we have a long diagonal support line. Every time the price hit the line, it was a great time to buy. The same is happening now. Looking at the longer diagonal resistance line and the Fibonacci extension, the next top would be at $380k. // --------------------------------------------------------------- // On-Chain Analysis // --------------------------------------------------------------- ***** Price Drawdown from ATH ***** The percent drawdown of the asset's price from the previous all-time high. When the value is in red, we have a loss from the last top. On the other hand, when the value is in blue, we have profit from the last fund. Warning signal on, as there is profit to be taken, which could dump the price down. When this will happen is the heart of the matter. ***** The Puell Multiple ***** Puell Multiple can be interpreted as "If all mined bitcoins were sold immediately in the market, how profitable mining pools are compared to last historical one year?". This metric helps traders gauge the market cycles from the global view. In this indicator, there is still room for an increase in the profit of miners, however an early realization cannot be ruled out. ***** Spent Output Profit Ratio (SOPR) ***** "The Spent Output Profit Ratio (SOPR) is computed by dividing the realized value (in USD) divided by the value at creation (USD) of a spent output. Or simply: price sold / price paid". Where: Spend Output = Moved Coins Profit Ratio = Price Spent vs Price Created Compares This track the volume of realized PnL...or magnitude of realized on-chain PnL. 1 = Neutral >1 = Profits realized \ Liquid in Bulls <1 = Losses realized \ Liquid in Bears This indicator is good for signaling good buying moments, when the value is equal to or less than 1. Now right now is a good time to buy, as shown in the histogram in red. ***** Total Transaction Fees ***** The total amount of fees paid to miners. Issued (minted) coins are not included. High fees mean a sudden movement in the market, or an escape valve at any price! This is another indicator to keep an eye out for. // --------------------------------------------------------------- // Verdict // --------------------------------------------------------------- The price needs to stay in the bullish channel, not breaking $50,000. If it breaks below $50, the scenario should be reconsidered. So that's it, I hope you enjoyed it. If you found this analysis relevant, consider giving a Like, otherwise you can give a Dislike... Good week!
INDEX:BTCUSDLong
by andre_007
Bitcoin on Black Friday (second part)Hello. I'm doing another Bitcoin analysis, complementing the first one (or correcting if that's the case). Now I'm trying to be more simplistic and objective, considering the most recent scenario, and discarding some indicators that say the same thing. 1. Graphical analysis High Channel The price is testing the support line. Now might be a good time to buy. Moving average of 9-week lows The price has been above this average since July 9, 2021, and now it's enough to test it for the second time. My prediction is that it touches the mean and pulls back up. Volume Strong volume can indicate a top or bottom. Volume is low at the moment, which makes it clear that we have not reached the top as the market is making no effort to move the price. So a new historic high is yet to be discovered. Fib Time Zone Plotting the Fib Time Zone, considering the last bottom in March/2020 and the penultimate top in April/2021, we are exactly in the 0.382 zone. If you consider a new cycle, we have a milestone date on 10/January/2022 at 0.5, and then 0.618 on 21/February/2022. Fibo 1 ends on 25/July/2022, but until then there's a lot to roll. What I think is important now is the next 3 months until February. I believe that after that we will have the crypto winter. 2. On-Chain Analysis Price Drawdown from ATH The percent drawdown of the asset's price from the previous all-time high. When the value is equal to zero, we have no drawdown. When it is less than zero we have a drawdown multiplied by 100 (percentage). This is always considering the last historic high. When the indicator hits the top several times at zero value, it indicates a lot of profit taking. And when it reaches a value less than -0.50, it indicates a lot of loss taking (a huge drawdown). Since nothing lasts forever, either for good or for bad, this indicator serves to demonstrate the exhaustion of both sides, bulls and bears alike. If we look at the historic highs of December\2017 and March\2021, we can assume that we are looking for a new historic high and more profits. Total Transaction Fees The total amount of fees paid to miners. Issued (minted) coins are not included. High fees mean paying to perform a transaction at any cost! So far we don't have an indication that the world will end up looking around here, so for now the scenario is bullish. Hope this helps in some way. Greetings.
INDEX:BTCUSDLong
by andre_007
Bitcoin: Reserve RiskReserve risk shows us the risk-reward balance which correlates to the confidence and conviction of long-term holders. The ratio between the current price of the coin (intention to sell) and the reaction of long-term holders (opportunity cost of not selling). When Reserse Risk is LOW, means that HODLer conviction is high and they refused to spend their coins, therefore it is a good time for investment. However, when the high reserve risk gives us a signal of increased incentive of sell. By looking at the picture below, we see that every bull peak shows us the incentive to sell the coin, more people are selling into the market strengths. In plain, the periods of overvaluation are usually short when long-term holders gain some profits by spending their coins. While bear market traders show bear behaviour and this period lasts longer where people accumulate coins, periods of undervaluation usually happen in the second half of the bear market. As shown on the picture above, strong hands still hodl their coins and refuse to sell. Consider current short term bear period as a strategic profit taken by smart money.
Long
by Elias-Lo
1
BTC expected to be traded at a discount this weekend. BTC looks to be on sale in the coming days. Approach this weekend with caution if you’re re trading short term action. I would personally sit this weekend out all together. This comes from a combination of positive funding rates on-chain and a slow bleed over the past 24 hours leading into the weekend that has traditionally been red. This price action indicates that we may see a test to the bottom of the bollinger bands which brings us to a sub 60k level. This price action is generally brought on by large holders attempting to grab larger amounts at a discounted rate(as quickly as possible) Liquidation levels are high at the 58k-59k level which could cause a cascading effect of lower trading leading into next week. Approach this weekend with caution if you are placing new longs. I wouldnt lose too much sleep if we see a larger than normal big move down as it should be temporary. If you are utilizing leveraged longs heading into the weekend….May god have mercy on your soul. On a macro scale, I still remain extremely bullish on BTC and see it closing out the month at yet another record close.
COINBASE:BTCUSDShort
by ChimeraHoldings
Bitcoin Analyze (Fib Tools & 🛑Signs🛑)!!!Hi, we saw a great bull🐮 rally after the price was able to broke an important resistance line. what will happen next? Bitcoin Analyze ( BTCUSDT ) Timeframe Daily ⏰ I tried to use some Fib tools for finding the next movement and resistance and support zones on this post. I think that Bitcoin dump again. maybe you are asking why ?! I can see some Signs of Reversal . let's check these Signs . 🛑 Sign 1 : if you pay attention to lines of Fib Speed Resistance Arcs, you can see, when the price touched lines for the first time on a rally, the price has started to reversing from them (🟦 Blue Rectangles 🟦). now price is close to one of these lines✅ 🛑 Sign 2 🛑: Point D of Bearish Gartley Harmonic Pattern will appear around 57260$ & TRZ ✅ 🛑 Sign 3 🛑: seems, Bitcoin is running in Ascending Channel from 28800$ until now. Now Bitcoin is near the upper line of our Ascending Channel and resistance lines and Fib channel's line (Fib 100%) == probably Bitcoin will react to these lines ✅ 🛑 Sign 4 🛑: we have Divergence (RD-) between Price and MACD until Now✅ 👇https://www.tradingview.com/x/dN925ydm/ 🛑 Sign 5 🛑: on-chain date: Global open interest is 10.98 billion USD (a little dangerous), probably exchanges will get up and dump 🧐 Resistance zones & Suppot Zones on Bitcoin's way : Resistance Zone : 57280$ until 56700$ Support Zone 1 : 47100$ until 45450$ Support Zone 2 : 41340$ until 40530$ My Suggestion : you can follow my Fib tools lines. probably these lines will work and help us👍😉. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy , this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅ ' like' ✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe
BITSTAMP:BTCUSD
by pejman_zwin
26
Will bitcoin create ATH in 2022?I predicted this growth from 31k and a lot of people didn't believe it at the time. But when the price reaches this price they still stand outside and wait and buy when the price surpasses the top at 64k. Last week was a bullish week and gave a very good signal according to my prediction. - For Bitcoin Logarithmic Growth Curves. We see the similarity of 2014 and 2021, this week the price has started to break through 0.5 and I predict it will soon head towards point 1, then BTC price will be around $93k - $100k. - For the Stock-to-flow model, we can easily see that the price is still below the Stock/Flow threshold. In the past this model worked well to pull the price up and down accordingly. I have a question for you, are you scared and u only buy BTC with the condition that the price breaks above ATH in the $70k range?
COINBASE:BTCUSDLong
by BMynameX
SUSHI-USDTSushiswap is a DEX protocol that has retained its position among the top 3 DEX platforms in terms of Total Value Locked. Sushiswap has been able to whitewash its notorious image created due to its anonymous founder, Chef Nomi decided to trade all the ETH held in the development fund worth ~$13 Million on Sep 5, 2020, which ultimately tanked the Sushi prices by more than 70% in one day. However, Chef Nomi, later returned his holdings and apologised to the community. Sushiswap, in recent times, is trying hard to expand its ecosystem and serve the traders and investors to trade on its platform. This can be validated by the fact that Sushiswap has integrated its protocol with highly scalable and high-performance blockchains such as Solana and Polygon to nullify the impact of gas fees on Ethereum and thereby diluting the entrance barriers on its platform. On the Daily Time Frame, Sushiswap has been trading in a Range Pattern with the lower and upper band present at $8.8 and $21.7 respectively. If the price tends to sustain in the pattern, the current levels is the best place to accumulate due to lower downside risk while huge room exists to travel to the higher side. The immediate support and resistance are present at $8.8 and $13 respectively. With (0.27) Market Cap/TVL Ratio, it seems lucrative and undervalued given the present circumstances.
Long
by TradeDog-Research