• SushiSwap recently partnered with the Shared Liquidity Box platform, allowing users to farm on multi-chains.
• The SUSHI token registered a 20% price spike on July 17, likely due to this news.
• Technical analysis suggests that the token is forming a bear flag pattern with a -59% price target.
SushiSwap and Shared Liquidity Box Partnership
SushiSwap recently announced a partnership with the “multi-chain liquidity mapping” platform Shared Liquidity Box. This would allow users to use liquidity in the original chain to farm on multi-chains, while keeping their principal investment safe. Moreover, concentrated liquidity pools are available for users to access on Ethereum, Arbitrum, Optimism and Polygon blockchain platforms.
Positive Market Sentiment
The announcement of this partnership seems to have had an immediate effect on SUSHI prices, as it spiked over 20% on July 17th. Analysts also seem optimistic about the token’s prospects, speculating that its price could reach $0.9 in the near future. This positivity has led some people to believe that DeFi’s 36 month long bear market may be over soon.
Bear Flag Pattern
However, technical analysis suggests that SUSHI might still be in a bear trend despite its recent gains. Specifically, it appears to be forming a bear flag pattern in which prices chart a sharp countertrend (the flag) after experiencing a shorter uptrend (the pole). If the pattern plays out as expected then SUSHI could drop nearly 59% before recovering again.
As always when investing in cryptocurrencies or other financial instruments there is an inherent risk involved and investors should do their own research before investing any funds into these markets. Prices can move quickly and unexpectedly so exercising caution when investing is important no matter what asset you are trading or holding onto for longer periods of time.
The news of SushiSwap’s partnerships has seemingly had an immediate impact on prices and sentiment surrounding its native token SUSHI is generally positive at present time even though technically it appears that it may be heading lower still if the current patterns play out as expected.. Investors should do their own research before making any decisions regarding their investments but overall things appear promising for this DEX project right now despite some potential risks associated with cryptocurrency markets overall