The crypto market continues to rise, and some participants are benefiting more than others. The Sushi token is one of those that is taking advantage of to win strongly as the positivism spreads. Would it be a good idea to buy this coin? Find out below.
At the time of this writing SUSHI is trading at $ 8.83, accumulating a small loss of 1.73% during the last 24 hours. However, it maintains an excellent gain of 63.6% during the last 7 days.
Its market capitalization is $ 1,186 million, making it 86th in the Crypto Online ranking.
Now, let’s see some reasons to buy this cryptocurrency.
3 reasons to buy the SUSHI token
1. Passive income
Let’s put ourselves in context first. The Sushi token is native to a DeFi platform called Sushi Swap, a decentralized cryptocurrency exchange, which works thanks to a protocol called Automated Market Maker (AMM).
This exchange works from pools of coins created by the same users. People deposit their crypto assets to provide liquidity to the platform, in order to obtain rewards paid in SUSHI.
The reward system is simple, users deposit their coins in the pools, and when they are used to make exchanges, then they receive a percentage for the transaction fees.
This is undoubtedly the main attraction of this DeFi. It is similar to many others, but this is one of the first created in this segment, and although being a pioneer it had to face a great obstacle, its trajectory has led it to become the third largest decentralized exchange on the Ethereum network.
2. Whales speed up their buying speed
The recent large price increase of the Sushi token was the result of large purchases made by whales, which shows an upward bias on the part of these large participants.
According to an analysis by Santiment, whales with more than 100,000 SUSHI have accumulated 9.7% of the total supply since November 1.
The positivism around this coin appears to be fueled by the rumor that Daniele Sestagalli, a prominent figure in the DeFi space, will become part of the team behind Sushi Swap.
The fact that strong hands are accumulating more coins is a very good sign of strength, as these participants generally enter the market with a medium / long-term vision, after conducting an exhaustive analysis of the opportunity.
3. Bullish technical scenario
In the weekly chart of the SUSHI token we see how the price has remained locked in a large descending channel, since mid-March, while a large correction develops.
It is clear that the short-term trend has been bearish for a long time; However, if we look to the left, we can see that the dominant force is clearly bullish, so the decline of the last few months is nothing more than a simple break before looking to accumulate higher gains.
If this reading is correct, then the Sushi token should soon break through the top of the channel, and start the search for new all-time highs.
We may still see a few more sales in the short term. The way to confirm that the major trend has been resumed is to see resistance at $ 12 being traversed.
All our publications are of character informative, why who in no case should be applied as evaluation of investment.