- SUSHI’s CTO revealed the project’s 2022 summary and plans for upcoming times.
- Market indicators and metrics flashed bullishness.
SushiSwap’s Chief Technology Officer highlighted what the blockchain presented over the final two quarters of 2022. He tweeted that the third and fourth quarters confirmed the need to focus on the platform upgrade, and they resorted to concentrating on improving the profitable and most beloved DEX – SushiSwap.
That saw Sushi Lending (Kashi) and Sushi Launchpad (Miso) depreciating. Also, he highlighted plans to introduce successors to the products once they get resources for the product teams. Surprisingly, SushiSwap’s latest price appeared optimistic, painting the weekly chart green.
Coinmarketcap indicated that SUSHI’s price climbed by over 4% within the past week. While writing these lines, the alt explored $0.9689, with more than $215M in market cap.
An Optimistic New Year
A technical and fundamental analysis platform Cryptolaxy recently published the most belittled projects. The data indicated three indexes for SushiSwap’s undervaluation, translating to a positive stance as SUSHI might surge in the upcoming days.
Further, most SushiSwap’s on-chain indexes confirmed that 2023 might start with impressive news for market participants. The token’s MVRV Ration saw a considerable uptick within the last week – a bullish stance. Moreover, the alt maintained popularity in the cryptocurrency industry with consistently high social volume.
Moreover, CryptoQuant confirmed that SushiSwap’s net exchange deposits remained lower – a positive signal as it showed reduced selling momentum. Nevertheless, worries were the crypto recorded decreasing active addresses, indicating declined network users.
Looking Ahead
SushiSwap’s market indicators printed bullishness as they heightened the probability of continued price upticks. The Moving Average Convergence Divergence flashed a bullish cross. SUSHI’s MFI (Money Flow Index) recorded a surge, moving toward the neutral territory – another bullish stance.
Nonetheless, the BBs show the token’s price approached a squeeze region, which may limit SUSHI from soaring in the upcoming days.
Moreover, SushiSwap investors should assess broad market cues before executing their trades. Though analysts forecast an impressive 2023, it may take some time to cancel the prevailing market bearishness. Nonetheless, time will be our revealer.
