Ethereum

Greed

Bitcoin

April

In the ongoing challenging market where the majority of cryptocurrencies are struggling to gain momentum, FTX and Alameda Research wallets deposited a massive amount of SushiSwap’s SUSHI tokens to the world’s biggest cryptocurrency exchange, Binance. Recently, on April 12, 2024, an on-chain analytic firmspotonchain made a post on X (previously Twitter) stating that FTX and Alameda Research had deposited over 2.73 million SUSHI tokens worth $3.9 million to Binance, with an average price of $1.43. Why SUSHI price is falling? 
However, following this massive deposit by FTX and Alameda Research, SUSHI experienced a significant downside momentum. Currently, SUSHI is trading near $1.40, and in the last 24 hours, it experienced a substantial fall of over 6.5%. If we look at the performance of SUSHI over a longer period, in the last 7 days, SUSHI experienced nearly a 10% downside momentum, whereas in the last 30 days, the overall price of SUSHI has dropped by over 30%.
Besides the price performance, in the last 24 hours, SUSHI’s trading volume has increased by nearly 30%, and the current volume stands near $50 million. This 30% increase in volume highlights traders’ as well as investors’ activity in SUSHI. SUSHI’s technical analysis and key levels 
However, the major reason behind this price fall is FTX and Alameda Research, but also the bearish structure of SUSHI on a daily timeframe. According to expert technical analysis, SUSHI is bearish on a daily timeframe. Recently, on April 11, 2024, SUSHI experienced a breakdown of a bearish head and shoulders pattern and also breached the strong support level. In the coming days, it is expected that SUSHI will experience more than a 6% downside momentum if it sustains above the 200 EMA (Exponential Moving Average).
Despite Sushi’s bearish market structure, the overall cryptocurrency market is also dull, but the Fear and Greed Index is still at 75, indicating greed in the market. However, top cryptocurrencies like Bitcoin and <a href="https://news.todayq.com/whale-adds-36-mln-eth-at-bottom-eyes-on-breakout/" rel="noopener noreferrer nofollow">Ethereum</a> are currently experiencing slight upside and downside momentum of 0.7% and 0.4%, respectively. In the last 30 days, both tokens have experienced a 1.5% and 12% downside momentum. Meanwhile, Solana, Ripple, Cardano, and many others are also continuing to struggle.

SUSHI sees 7% fall, Is FTX and Alameda Research behind it?

Todayq News

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