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SushiSwap (SUSHI) has skilled an almost 20% worth enhance, which led to the liquidation of roughly $465,760 in brief positions, thrice the variety of lengthy positions liquidated. The cryptocurrency is at the moment buying and selling at $0.75, regardless of going through resistance at $0.80. Indicators such because the Relative Power Index (RSI) and Superior Oscillator (AO) recommend a possible for continued upward momentum that might surpass the $0.80 mark and presumably even attain a excessive of $0.90.
Blockchain analytics agency Lookonchain has raised suspicions of worth manipulation linked to a brand new pockets’s exercise. The pockets in query bought over 900,000 SUSHI tokens utilizing 640,000 USDC on decentralized exchanges and subsequently deposited the USDC into the dYdX platform by way of a number of addresses. This habits suggests an intent to revenue from a protracted SUSHI place.
Given these suspicions and deposits into dYdX, traders are inspired to strategy with warning when contemplating SushiSwap. The latest worth surge and potential for additional development ought to be weighed in opposition to the potential for market manipulation influencing these tendencies.
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