- Multiple metrics, including exchange reserves and MVRV Ratio, suggested more price dips.
- Market indicators aren’t favoring the alt, worrying SUSHI investors.
SushiSwap hit the news again, joining the lust of Polygon’s top projects as far as Altranking is concerned. Market players might consider that as a massive bullish signal. Besides Polygon, SushiSwap topped the most influential project list on the Avalanche blockchain. That appears lucrative for the alt’s future trajectory.
However, SUSHI didn’t reflect any of the developments on its chart, painting red. Coinmarketcap data confirmed the different tale, with SUSHI losing 16% and 20% in the past seven days and the last 24hrs, respectively.
While publishing this content, SUSHI traded near $1.29, with its market cap beyond $163 million. Assessing SushiSwap’s on-chain metrics confirmed the chances of more declines. That could give market participants nightmares.
CryotoQuant’s data showed SUSHI’s exchange reserves were soaring, meaning a bearish sign as it suggests high selling momentum. Moreover, the token’s MVRV ratio remained notably lower, heightening the probability of price declines. Furthermore, while SushiSwap’s price declined, the volume remained elevated, authorizing the downtrend.
Nevertheless, some metrics offered respite as they showed things could improve. For example, the asset’s network growth maintained uptrends regardless of the price dip. Besides that, SushiSwap’s exchange outflow recorded a swift surge on November 9 – a bullish sign. The crypto’s social volume remained high within the previous week.
That confirmed the increased popularity of the asset within the cryptocurrency community. Surprisingly, the latest GitHub data shows SUSHI as one of the most active digital tokens within the past year. That remained lucrative as it indicated increased developer efforts.
What Lies Ahead
SUSHI’s daily char printed a bearish outlook for the alternative token, with most market indicators favoring price declines. For example, the RSI (Relative Strength Index) dropped and rested well beneath the neutral level, a worrying factor for market players contemplating executing longs.
Also, the MACD presented a bearish cross, heightening the probability of price dips. Though the 20d Exponential Moving Average rested beyond the 55-day Exponential Moving Average, the gap between the EMAS decreased during this writing, confirming a bearish sign.