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

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

Even while this points to a strengthening bullish market for SushiSwap, the TVL numbers act as a counterpoint to the recent events. As reported by DeFiLlama, Sushi’s TVL numbers fell on November 3 but have since risen, reversing the monthly decline.

The listings and whale sightings are exciting, but how will Sushi do in November and, if at all possible, in December?

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The Bulls Edge Out The Bears

Today’s excitement for SushiSwap isn’t just due to TVL. CoinGecko has predicted a brighter future for Sushi, the native token of SushiSwap.

There is positive momentum over a variety of time horizons, with the monthly time frame showing the most impressive growth at 59.2 percent. In part, this is because of the exposure gained via SushiSwap’s inclusion on the Boba Network.

Related Reading: Why Monero Is Struggling To Crack This Resistance Level Since September

Image: TradingView

Recent reports about SushiSwap’s reorganization may possibly be a contributing factor. On October 26, it was announced that the DAO underlying SushiSwap would split into three legal organizations incorporated in Panama and the Cayman Islands.

The community voted on the decision, with a unanimous vote in favor of the restructure. The modification was prompted by the Commodity Futures Trading Commission’s (CFTC) lawsuit against Ooki DAO, since the commission claims Ooki breached US investing laws.

How Will Sushi Fare This Month?

Sushi bulls can start being optimistic this November, as Sushi enters a positive market structure. Currently, the EMA ribbon indicator suggests that the most profitable position in current bull market is long. This is confirmed by a rising Stoch RSI reading, 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 possibility of a bullish or bearish break. However, as the currency approaches its peak, a bearish reversal becomes more probable.

Sushi investors and traders should monitor the Stoch RSI to determine whether to increase their holdings or sell, because if the indicator exceeds the overbought upperband, keeping the position could result in quick losses during the correction phase.

Related Reading: Cardano Seen Hitting Over $0.50 By End Of November, This Algorithmic ‘Prophet’ Predicts

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