Sushiswap Rallies by More Than 12% Despite Mixed Market Performance

The cryptocurrency market is experiencing a mixed performance at the moment, with the prices of some coins trading in the red zone while others are recording impressive gains.

Sushiswap Tops the $8 Mark

SUSHI, the native token of the Sushiswap decentralized exchange, is one of the best performing coins in the market at the moment. The token has added more than 12% to its value over the past 24 hours and is currently trading above $8.

Sushiswap is a decentralized exchange that was forked from Uniswap, another DEX. The DEX used Uniswap’s code to build its foundation but improved in a few key areas, such as the rewards being distributed in SUSHI tokens. Liquidity provided on the decentralized exchange is rewarded with the native token SUSHI, which also serves as the governance token. Unlike the parent Uniswap DEX, SUSHI holders can keep earning rewards even after they stop providing liquidity.

SUSHI’s performance comes despite the broader crypto market experiencing mixed performances at the moment. Bitcoin has dropped below the $50k level again, while Ether is also trading below $4,000 at press time.

Some coins have been performing excellently despite the broader market underperforming, and SUSHI is one of those coins.

SUSHI Eyes its 100-day Moving Average

The SUSHI/USD daily chart is one of the most bullish in the cryptocurrency market at the moment. The coin’s technical indicators show that SUSHI is recovering from its recent slump and could rally higher soon.

The MACD line crossed the neutral zone following its recent excellent performance. The RSI of 61 shows that SUSHI could be heading to the overbought region if the cryptocurrency can maintain its current momentum.

If SUSHI can continue with its recent rally, then it could likely top its 100-day moving average price at $9.37 over the next few hours. However, it would need the support of the broader market if it intends to rally higher and cross the major resistance above $12.