SushiSwap surges 80%, this cohort joins the party


SushiSwap [SUSHI] has experienced a significant increase in price, making it one of the winners in the current market. Are derivative traders also sharing this bullish sentiment due to the price uptrend?


SushiSwap spikes by over 80%


SushiSwap stands out as one of the leading beneficiaries in the current bull market for altcoins. This bullish trend is partly due to the recent uptick in Bitcoin’s [BTC] value over the past few weeks.


As Bitcoin maintained a price above $34,000, its profits have flowed into these altcoins. Additionally, according to a Santiment report, it has witnessed an impressive 82% increase in value over the past week.


Analyzing SUSHI’s trend


On the daily timeframe chart, a significant portion of SushiSwap’s remarkable 80% value rise occurred during a single trade. The trade accounted for 47.80% of that increase on 1 November.


After that, the asset experienced a slight drop of more than 8% in the following trading session. However, it still held within the new price range. At the time of this writing, it was trading at around $1.0, with a 2% increase in value.


Furthermore, the Relative Strength Index (RSI) suggested the potential for a price correction in the near future. The RSI had risen above 80, signaling that the asset was overbought and in a bullish trend at the time of writing.

Additionally, the declining trading volume indicated that a price retracement might happen soon.


Derivative traders bank on price increase


An examination of the funding rate on Coinglass indicates that derivative market traders also exhibited a positive outlook on prices. The SushiSwap funding rate surged to its highest level in several months, reaching around 0.2%.


Subsequently, it gradually declined but remained in positive territory, standing at around 0.01% at the time of this report.


Moreover, the liquidation chart revealed that the price spike led to an increase in liquidations. At press time, there was only a minor disparity between short and long liquidations.


Short liquidations amounted to approximately $213,000, while long liquidations stood at around $218,000.


Source : AMBCrypto by Adewale Olarinde / November 05, 2023 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.