More than 40% in a day. It happened because of the news about the beginning of cooperation between the Yearn.finance and Sushiswap protocols.
This day trading volumes significantly increased, moving the SUSHI token to 4th place among the Defi tokens with a volume of $479,064,540 per day. Thus, the SUSHI price reached the main critical range, from which began a sharp price fall to $0.47.
Buyers are testing the most important SUSHI liquidity zone
The chart shows a fairly wide range of $2.29-2.75 where for 10 days concentrated a large accumulation of buyers’ liquidity. However, in September 2020, their ambitions were trampled by the harsh realities of newly launched projects on the market. Almost until November, the SUSHI price fell without volumes.
And it was on 13 November that a confident trend began. The current background on the crypto market is still conducive to continue the SUSHI price growth with a final medium-term target of $4.5.
Though, a large number of investors who ambitiously bought in the range of $2.29-2.75, waiting for huge losses are happy to get rid of the token. Whether the news will have enough strength to break the liquidity zone is not clear yet. The critical point of the growth trend is in the range of $1.23-1.35.
If we consider the positive scenario of the SUSHI price movement, to continue the current attack, buyers should not lower the price below $1.9. Looking at the price growth nature today – the strength test of this mark will show whether there are interested buyers on the market, who unfortunately did not have time to jump on the train.
DeFi investors have not restored confidence in the project yet
If we analyze the locked funds amount into the Sushiswap project, then according to Defipulse – the beginning of the month did not cause such excitement as on the SUSHI market.
The project now ranks 8th place in the DeFi projects ranking with TVL $795.05 million. Comparing the SUSHI price indicator and the locked fund’s amount in the project on 12 September and today the SUSHI price returned to the place of the previous indicator.
But the maximum locked funds mark of $1,42 billion dollars remains unattainable. This factor indicates investors’ distrust in the DeFi project due to the dark past. Nevertheless, cooperation with Yearn.finance can help SUSHI clear its reputation and shine anew!