As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. The recent surge in SushiSwap price, following the recovery of the crypto market and the launch of Dojo, has certainly piqued my interest.
1- The cost of SushiSwap increased by 12% over the past 24 hours, coinciding with the crypto market’s rebound, which saw a 4.1% increase due to Bitcoin‘s price recovery. Yet, it’s possible that factors beyond this market recovery contributed to the rise in SUSHI’s price, as the platform recently introduced Dojo, a meme coin launchpad developed in partnership with Goat decentralized exchange.
Following Elon Musk’s recent endorsement of Dogecoin, a technical analysis indicates that the price of SUSHI might surge by approximately 39%, possibly reaching around $1.
Dojo Expected to Boost SushiSwap Price
SushiSwap, a well-known figure in the cryptocurrency world, is teaming up with Goat Trading, an emerging decentralized exchange (DEX), to debut Dojo – a platform for meme coins. Originally set for launch on September 10, the release date has been moved to September 17 to make sure all preparations are complete and everything is running smoothly.
The launch of Dojo has been postponed by a week to September 17th for a smooth and potent debut. Meanwhile, let’s offer a brief glimpse into the upcoming wave of memecoin launchpads: the next generation.
— Sushi.com (@SushiSwap) September 9, 2024
The Dojo platform is anticipated to deviate from the norm of regular launch pads. As stated in SushiSwap’s official announcement, Dojo aims to offer a straightforward user experience suitable for all skill levels while ensuring security for both novice and experienced users.
As a researcher, I’m exploring the potential for SushiSwap to emulate the success of Pump.Fun within its own platform. Given the widespread popularity of SushiSwap and its proven track record in delivering top-tier DeFi and DEX services, there is a strong possibility that this recognition could drive up the price of SushiSwap.
In addition to other capabilities, Dojo boasts instant trading without any delay or price discrepancy. SushiSwap contributes to Dojo by ensuring a vast pool of liquidity for the tokens released on the platform, much like how Pump.Fun and Raydium DEX maintain deep liquidity within the Solana blockchain network.
As reported by CoinGecko, the total value of the Sushi market hovers around $122 million, significantly smaller than Uniswap’s market cap. This partnership and launch might cause a significant increase in the value of SUSHI, especially given the current chart pattern suggesting an upcoming surge.
SUSHI Price Is Not Stopping Until $1
As a cryptocurrency investor, I’ve noticed that the price of SushiSwap has been moving along a downward channel since mid-May. Yet, it seems we’re nearing the upper boundary of this channel, which could indicate an imminent surge in positive price movement if a breakout occurs.
Currently, the candlestick patterns suggest a bullish trend for SUSHI, since it has rebounded from the middle line of its descending channel and is heading towards the upper boundary.
As SushiSwap’s price ascends, it might encounter resistance close to the top border of the descending channel, roughly around $0.64. Beyond this level, $0.882 could present significant resistance due to its alignment with the 200-day exponential moving average (EMA).
If there’s no obvious break beyond the present resistance, the price of SushiSwap might retreat from its current levels down to approximately $0.57 – a point where it has bounced before. Dropping below this, SUSHI could head lower towards the channel’s bottom at around $0.30. Such a move would contradict the existing bullish prediction.
Partnering with Goat Trading may bring more focus and trading activity to both the SUSHI and GOAT tokens, potentially causing their prices to rise. If the price surpasses its current range and moves upward, strategically accumulating at support levels around $0.57 could lead to profitable outcomes, with targets set at $0.88, $1, and even higher values.
Read More
- ENA PREDICTION. ENA cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- USD ZAR PREDICTION
- BRISE PREDICTION. BRISE cryptocurrency
2024-09-10 06:34