SushiSwap Suffers Monthly Drop In TVL – How Will SUSHI Perform This November?

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Traders and investors at SushiSwap face a unique conundrum as the optimistic and bearish signals battle for control of the market. The recent inclusion of Sushi Swap on the Boba Network may account for the increase in the number of whale sightings at the site.

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Even though this points to a strong bullish market for sushi swaps, the TVL numbers act as a counterpoint to recent events. as reported by daphylamaSushi’s TVL numbers fell on November 3, but have risen, reversing the monthly decline.

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Listing and whale sightings are exciting, but how will sushi do in November and if possible in December?

The Bulls Age Out the Bears

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Today’s enthusiasm for sushi swaps isn’t just because of TVL. coingeco The core token of Sushi Swap predicts a bright future for Sushi.

There is positive momentum across different time frames, with the monthly time frame showing the most impressive growth of 59.2 percent. In part, this is due to the risk acquired through the inclusion of Sushi Swap on the Boba network.

Image: TradingView

Recent reports about the restructuring of Sushi Swap could possibly be a contributing factor. On 26 October, it was announced That the DAO underlying the sushi swap would split into three legal organizations involved in Panama and the Cayman Islands.

The community voted on the decision, with a unanimous vote in favor of the reorganization. The amendment was prompted by a Commodity Futures Trading Commission (CFTC) lawsuit against Ooki DAO, as the commission claims that Ooki violated US investment laws.

How will sushi fare this month?

Sushi bulls may start to be optimistic this November, as sushi enters a positive market structure. Currently, the EMA Ribbon indicator shows that the most profitable positions in the current bull market are long. This is confirmed by the rising readings of Stoch RSI, which showed an optimistic market sentiment.

However, Chaikin’s money flow indicator reveals a different reality. The CMF is at a neutral 0 level, indicating that market volatility is high with the potential for a bullish or bearish breakout. However, as the currency approaches its peak, a bearish reversal becomes more likely.

Sushi investors and traders should monitor the Stoch RSI to determine whether to increase or sell their holdings, as holding positions could result in quick losses during the correction phase if the indicator crosses the overbought upperband.

SUSHI total market cap at $240 million on the daily chart | Featured image from Japan Centre, Chart:

Disclaimer: The analysis represents the author's personal understanding of the crypto market and should not be construed as investment advice.

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