SUSHI became strong in early November but only lasted 3 days. On the fourth day, this altcoin began to decline and has not stopped since. At the time of this writing, SUSHI is down 41% and is trading at $ 7.7.
SUSHI price promotion | Source: TradingView
This makes it difficult for investors, as more than 84% of all addresses are currently lost.
Net profit / loss | Source: Santiment
These are the lowest values ever since it was introduced in August 2020. In addition, new investors who joined this month have only lost.
Profitability from SUSHI investors | Source: Intotheblock
This leads many investors to sell SUSHI because the asset is not profitable. This sentiment is only found among retail investors, however, as whales are not showing any noticeable movement.
However, the downward trend of SUSHI also affects the Total Value Locked (TVL). That month, TVL fell 34% and its market value went negative for the first time in almost 6 months.
Market value of SUSHI | Source: Santiment
However, the downtrend appears to have ended yesterday as SUSHI gained 13% and TVL also rebounded $ 1.4 billion.
TVL on SushiSwap | Source: DeFi Lama
Additionally, according to ADX, the strength of the active trend (downtrend) has reached a saturation point and now, if it falls back below 25, a trend reversal is likely.
The descending red bars show the pressure of the bears and the MACD rising again shows the same conclusion. In the future, this altcoin could trade on the signals of bitcoin due to its 83% correlation with the crypto king.
Correlation between SUSHI and BTC | Source: Intotheblock
Currently, the $ 9.1 level is the critical resistance. Once that level flips over and tests it as a support, the upside odds improve.
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Willemstad, Curaçao, 4th November 2024, Chainwire
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