Spot On Chain, an onchain analytics firm, recently reported a significant drop in the $SUSHI price, exceeding 12% within 24 hours. This sharp decline might be linked to FTX and Alameda Research wallets. They reportedly deposited a substantial 2.732M $SUSHI, valued at approximately $3.90M, into Binance. This action took place around three hours ago, potentially hastening the price fall by an additional 4%. The crypto community is buzzing with speculation over these developments.
Moreover, the latest data indicates a continuing downward trend for SushiSwap. At press time, it trades at $1.40, a 6.64% dip in the last day. An analysis of SUSHI’s daily price chart on TradingView reveals a series of red candlesticks. This pattern signifies a persistent downtrend. Presently, the price hovers near 1.397. Consequently, the Relative Strength Index (RSI) is at 35.16 suggesting that SUSHI may soon enter oversold territory.
Additionally, the Moving Average Convergence Divergence line is below the signal line and trends downward, forecasting possible further value dips. The 9 Exponential Moving Average (EMA) currently sits above the price level, implying a bearish trend for SUSHI. Similarly, the 50 EMA also lies above the price, reinforcing bearish sentiment. This EMA level also acts as a resistance should SUSHI manage to break through; it might signal the start of an uptrend.
Significant entities like FTX and Alameda Research have been involved in SUSHI’s recent price movements, which have drawn considerable attention. The deposit of a large volume of $SUSHI to Binance suggests strategic moves that could influence market dynamics. Hence, investors and traders are closely monitoring these developments. They seek to understand the potential impact on SUSHI’s future price trajectory.
SUSHI faces challenging times ahead, underscored by its current bearish indicators and market activities involving key players. Traders remain vigilant, watching for signs of reversal or further decline. As the situation unfolds, the market awaits the next move that could shape SUSHI’s direction in the crypto space.
