SushiSwap and Uniswap prices have been on an upward trend in the past few months. The price of Uniswap has jumped by more than 360% this year while SushiSwap price has jumped by more than 400%. The two have a market cap of more than $6.5 billion and $2 billion, respectively.
The background: Uniswap and Sushiswap are among the biggest DeFi projects on the world. Precisely, the two are the 5th and 6th biggest DeFi projects with more than $3.9 billion and $3.5 billion in total value locked (TVL), respectively. The two are also the biggest DEXes in the world.
For starters, Uniswap is a decentralized exchange that runs on the Ethereum blockchain. It is similar to Coinbase or Gemini. The main difference is that its system is decentralized and not controlled by anyone. Another difference is that Uniswap does not perform KYC procedures and it also pays you when you provide liquidity.
Sushiswap is similar to Uniswap. In fact, it is a forked version of Uniswap. The difference between the two is that SushiSwap rewards you about 0.25% of pool fees plus 0.05% to token holders. It also allows SUSHI farming.
Turning to the daily chart, we see that the Sushiswap price has been on a steady uptrend. It has managed to move above the 25-day and 15-day weighted moving averages (WMA). Also, it has found substantial resistance at the psychological level of $15.00. It is also being supported by the rising trendline that connects the lowest swings.
Notably, the Relative Strength Index (RSI) has moved to the overbought level of 70. This is not a guarantee to sell. In fact, it means that there is momentum going on.
Therefore, I suspect that the SushiSwap price will continue rising as the RSI moves to the extreme overbought level of above 85. The next target is $20.
Turning to the daily chart, we see that the Uniswap price too has been in a strong uptrend. In fact, the two charts have a close resemblance. After reaching an ATH of $22, the price pulled back. Today, it is attempting to move above this level and is receiving support by moving averages and the RSI. Therefore, in my view, it is just a matter of time before UNI price rises to $25.
