After a rally in long-standing DeFi blue chips, newer tokens have begun to surge. SushiSwap’s SUSHI token is up 30% in the past 24 hours alone, making it the top-performing crypto-asset in the top 100 by market capitalization.
This rally comes amid strong technical upgrades for the cryptocurrency, along with positive technical trends.
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SUSHI Surges 30%
SUSHI’s 30% rally in the past 24 hours comes as Uniswap’s UNI coin has also gained around 25-30% over that same time frame. An analyst suggests that the two coins are somewhat correlated:
“Never realized how correlated $SUSHI and $UNI were, even if that makes some sense. Both flipped H4 100 MA (beautifully) for the first time in ages, but still so much work to do when looking the structures above.”
Uniswap is rallying because, in a few days’ time, the cryptocurrency’s yield farming emissions will end temporarily. This will stop millions of dollars worth of the coin from being sold on the market each day.
Both flipped H4 100 MA (beautifully) for the first time in ages, but still so much work to do when looking the structures above. pic.twitter.com/x8BAmOvfhb
— Pierre (@pierre_crypt0) November 13, 2020
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Positive Technical Upgrades
SushiSwap has seen positive technical upgrades over recent weeks that should further bolster the SUSHI bull case.
The protocol is looking to separate itself from Uniswap, which it was forked from just months ago. Analysts think that SushiSwap will be able to carve out a niche for itself in the ever-competitive decentralized exchange market.
SushiSwap’s developers are looking to do this through a variety of tools, including methods to eliminate impermanent loss, a native limit order feature, and a…