Uniswap and SushiSwap Analysis Roundup -24 October

Briefly-

  • The crypto market appears somewhat weak at the moment.
  • Bitcoin (BTC) trades around the $60,000 level after retracing from its recent peaks.
  • Meanwhile, SEC approved the first US BTC exchange-traded fund.

The crypto market remained somewhat weak during weekend sessions. For now, BTC trades beyond the $60,000 level as it shows possibilities of further plummets. The situation seems to impact altcoins negatively. For now, traders need to be cautious when interacting with the likes of Uniswap (UNI/USD) and SushiSwap (SUSHI/USD).

These cryptocurrencies trade at risk levels, hinting at plunges from their current zones if they retain negative trends. Market players need to beware that BTC fall under the support of $55,000 will translate to downward pressure in the overall crypto spectrum.

Historically, cryptocurrencies have seen lucrative actions during October sessions. Bitcoin IRA co-founder Chris Kline trusts that the crypto industry remains with positive sentiments. With that, Kline believes that there is nothing to worry market participants.

Meanwhile, the US SEC allowed BTC futures to start trading. Moreover, a review by an asset management firm CryptoCompare highlighted that cryptocurrencies enjoy increased institutional interest at the moment.

BITO became the first US BTC futures exchange-traded fund and performed remarkably in the first 48 hours of launch. JPMorgan trusts that growing inflation contributed to Bitcoin’s recent upswing and not exchange-traded fund approval.

At the same time, Paul Tudor, a hedge fund manager, stated that BTC won the race with gold. He also confirmed his preference to invest in $BTC than using an exchange-traded fund.

SushiSwap Still Trades near Support at $10

SUSHI had its price plunging to $8.5 from $16.18 in around fourteen days. At the moment, SushiSwap has its price at $10.7. If the token breaches the vital support at $8, it will display a massive sell gesture, eying its following target at $6. SUSHI trades under pressure and interested traders need to use ‘take profit’ and ‘stop-loss’ orders with the prevailing risky atmosphere.

UNI Might Stead Beyond $30

October sessions had UNI rising from $23 towards $27.9 and trades at $26 for now. If the alternative coin surges beyond the resistance at $30, it might target levels at $35. Meanwhile, the asset drops under the support at $20, which will confirm a sell gesture and trend reversals.