Traders Seek Safety in SushiSwap (SUSHI) as Crypto Market Loses $25bn

Traders Seek Safety in SushiSwap (SUSHI) as Crypto Market Loses $25bn

An early session slipover in the SushiSwap’s SUSHI market turned into a buying opportunity for traders that were seeking safety against a dwindling cryptocurrency market this Monday.

The SUSHI/USD exchange rate climbed by more than 24 percent from its intraday low of $12.80. Traders spotted upside opportunities in the pair as its relative strength indicator flashed near-oversold signals. They raised their bids to offset their losses elsewhere in the cryptocurrency market.

So it appears, gains in the SUSHI market largely coincided with a plunge in Bitcoin, Ethereum, and other high-cap digital assets. On the whole, the cryptocurrency had lost more than $25 billion as of 1105 UTC Monday, with Stellar’s XLM, Ripple’s XRP, and UniSwap’s UNI—a SushiSwap rival—notching the highest losses.

SUSHI Trade Setup

Technically, SUSHI bounced back after testing a confluence of two support levels. The first price floor appeared to be an upward sloping trendline that constitutes an ascending channel pattern. Meanwhile, the second footing came from SUSHI’s 100-4H simple moving average wave.

The rebound opened the DeFi token’s prospects to extending its upside move towards $17.61, its previous record high, followed by a run-up to the ascending channel’s upper trendline, which now sits near the $18.80-19.00 range.

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