Contents
- SushiSwap has hinted at a massive announcement coming this week.
- The altcoin shows bullish signals at a crucial support barrier.
- Traders now target the key resistance zone at $0.79- a 30% surge.
Meme coins dominated financial trends with impressive rallies on Monday as Elon Musk launched a pro-Bitcoin political party for Americans.
Meanwhile, the SushiSwap team supercharged SUSHI’s rebound with a cryptic post on X, hinting at a massive reveal in the next few days.
SushiSwap is a DEX that runs on multiple blockchains as an AMM (automated market maker).
It enables users to swap assets and offer liquidity without traditional order books.
Despite the scarce details, the upcoming announcement stirred the crypto community.
While enthusiasts contemplated what the message was about, analysts and traders shifted to the SUSHI price chart.
The altcoin’s current price of $0.6058 places it within the dependable support zone at $0.57 – $0.60.
Buyers have aggressively joined here to catalyze significant uptrends.
A confirmation might send SUSHI’s price to the crucial resistance zone at $0.79.
That would mean an approximately 30% surge from the meme token’s current price.
What to anticipate from SushiSwap?
While the team didn’t disclose the exact nature of the upcoming announcement, SUSHI’s price reaction triggered various speculations.
Enthusiasts could be bracing for strategic collaborations, protocol upgrades, new product launches, or governance overhaul.
Some suspect the project might introduce a new utility functionality for the native token or more integrations with decentralized finance protocols.
Indeed, the DeFi sector has seen increased traction lately, with topics like RWA tokenization, L2 expansions, and staking gaining traction.
Veteran crypto projects like SushiSwap are likely bracing to leverage this growth.
As the team prepares this week’s key announcement, traders are looking to capitalize on the potential momentum.
Coinglass data confirms the enthusiasm. SushiSwap’s volume has rallied 40% to $36.94 million.
Also, the Open Interest is at $30 after a 6% jump. That signals renewed interest in the project.
How could these developments influence SUSHI’s price actions in the near term?
SUSHI price outlook: recovery impending?
The DEX’s governance token displayed bullishness following the announcement, signaling impending rebounds.
SUSHI hovers at a crucial region. It trades at $0.6058, with a technical setup supporting upside continuation.
The alt trades above the foothold at $057 – $0.60, a crucial region that previously attracted significant buying.
Source – CoinMarketCap
SUSHI bulls are now targeting the nearest resistance at $0.66.
A decisive close beyond this mark could fuel continued upswings.
Overcoming $0.6925 would open the gates to $0.7470, and a potential extension to $0.7925.
That would mean a 30% gain from SUSHI’s current market price.
However, failure to reclaim $0.66 might delay the possible rally.
A sudden selling pressure that plunges SUSHI beneath $0.57 could trigger significant dips or sideways price actions.
Further, broad market sentiments will be vital in shaping SushiSwap’s trajectory.
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SushiSwap price jumped as volume and revenue in DEX platforms rose.
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Immutable X (IMX) did well after the launch of Passport.
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SingularityDEX token could be forming a double-top pattern.
Bitcoin price held quite well this week as the market focused on the Federal Reserve decision, big-tech earnings, and the strong jobs numbers. As a result, the total market cap of all cryptocurrencies remained above $1 trillion even as the momentum appeared to wane. In this price predictions article, we will focus on a few cryptos that are doing well on Friday, including Immutable X (IMX), Sushi, and AGIX.
SushiSwap price forecast
SUSHI crypto price went parabolic as volume and revenue in decentralized finance (DeFi) rose. On the 4H chart, SushiSwap’s token climbed above the important resistance level at $1.48 (November 30 high. It also surged above the key resistance point at $1.4154 (January 22 high).
This rally coincided with an increase in volume. In technical analysis, volume is one of the most important things that investors watch. In most situations, a major move that is not supported by volume does not last. Meanwhile, the coin has jumped above the 50-day EMA, which connects the lowest points between January 1 and 25.
So, is it safe to buy SushiSwap? Therefore, with the flow of volume falling, I suspect that the coin will have a pullback during the weekend as investors start taking profits. If this happens, the key support level to watch will be at $1.4856.
SUSHI/USD chart by TradingView
How to buy SushiSwap
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Immutable X price prediction
Immutable X’s IMX price shot up this week after the company created Immutable Passport, as we wrote here. In all, the coin’s price surged to a high of $1, which was about 161% above the lowest point in December. On the daily chart, we see that volume has been tracking upward since December.
IMX crypto also moved above the crucial resistance point at $0.7483, the highest level on January 25. It also rose above $0.7290, November 5 high. The bullish trend is supported by moving averages. But like SUSHI, I suspect that the coin is ripe for a pullback in the coming days. If this happens, the coin will likely retreat to the support at $0.7483.
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AGIX price prediction
Artificial intelligence is taking over the world, especially following the launch of ChatGPT. This explains why SingularityNET’s AGIX price has been in a remarkable rally recently. The token surged to a high of $0.25 on Friday, the highest point since January 14. At its peak on Friday, the coin was up by 555% from its lowest point in December.
AGIX seems to be about to form a double-top pattern whose upper side is at $0.25. This view is supported by the fact that the coin’s volume has been trending lower. Therefore, there is a likelihood that the coin will have a bearish breakout in the coming days unless bulls push it above $0.25.
How to buy SingularityDEX
Dogecoin price could be hinting that another move south is on the way. As the third trading week of November commences, the technicals leave sparse signals for the bulls to believe in. Key levels have been defined to determine DOGE’s next potential move.
Crypto.com price is in a make-or-break situation. If the current levels do not hold as support, a penny-from-Eiffel-style decline could occur in the coming days. Key levels have been defined to gauge CRO’s next potential move. Invalidation of the bearish thesis is a breach above $0.08.
Sushi Swap price could be in the beginning stages of a much stronger decline. At the current time, countertrend trading the digital asset could be problematic. Key levels have been defined to gauge Sushi’s next potential move. The bears have produced the steepest downtrend rally witnessed this year.
SushiSwap price made a strong recovery on Monday as demand for the DeFi token rose. It rose to a high of $1.4520, which was the highest level since October 20. It has rallied by more than 42% from its lowest level in August of this year. So, will the SUSHI price continue rising?
SUSHI rebound continues
SushiSwap is one of the leading players in the Decentralization Finance (DeFi) industry. It is a platform that is an alternative to other popular platforms like Uniswap, dYdX, and PancakeSwap. A key difference is that it offers liquidity mining.
The platform makes it possible for developers to swap, earn, stack yields, lend, and borrow in a single application. SushiSwap was built on Ethereum, Arbitrum, Polygon, and Harmony among others.
SushiSwap has handled over $228.68 billion in the past few months. It offers more than 16.3k total cryptocurrency pairs to traders.
SushiSwap price has risen in the past few months as investors react to the recent activity in the network. For example, the community voted for a new Head Chef, Jared Grey last month. Jared was formerly the CEO of EONS, a leading DeFi exchange. Before that, he was the CEO of Bitfineon, a small cryptocurrency exchange.
SUSHI price rose after Jared Grey reached out to Changpeng Zhao, the head of Binance on collaboration. On Sunday, Changpeng said that Binance was investing heavily in DeFi. It is unclear whether Binance will collaborate with SushiSwap anytime soon.
Meanwhile, SushiSwap price has risen ahead of the Meiji upgrade that will replace the current Sushi DAO. Meiji DAO will bring governance on chain and kickstart the Meiji Restoration of Sushi. The new Meiji DAO requires shares instead of tokens, and feature a new quadratic voting mechanism. Also, it will be a fully autonomous on-chain.
SushiSwap price prediction
Is it now safe to buy SushiSwap? The daily chart shows that the SUSHI price has been in a strong bullish trend in the past few months. It has risen above the 50-day moving average while the Relative Strength Index (RSI) has moved above the neutral point. It has formed a cup and handle pattern.
Therefore, the coin will likely continue rising as bulls target the next key resistance level at $1.5788, which is about 10% above the current level. A drop below the support level at $1.3756 will invalidate the bearish view.
How to buy SushiSwap
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SushiSwap price has made a strong comeback this week as investors react to several important ecosystem news. SUSHI soared to a high of $1.3328, which was the highest level since September 10 of this year. It has jumped by more than 54% from its lowest level this year.
Why is SUSHI soaring?
SushiSwap is one of the biggest players in the Decentralized Finance (DeFi) industry. It is an alternative to Uniswap and PancakeSwap in that it lets people swap tokens at a slightly small cost. Further, the platform has a cross-chain swapping feature and the ability to earn fees by providing liquidity to the network.
SushiSwap product is available across most blockchains like Ethereum, Arbitrum, Polygon, Harmony, and Avalanche. All these versions have a combined market cap of more than $515 million. Ethereum’s version has the biggest share since it has over $373 million in assets. At its peak, SusshiSwap had a total value locked of over $5 billion.
SUSHI price rose sharply this week after some important cryptocurrency news in the ecosystem. First, Sushi DAO announced that it was changing its leadership team. Jared Grey was elected as the “head chef”, the equivalent of a CEO.
Grey is a highly experienced professional who has established several crypto startups in the past few years. In a statement, he said that he will focus his time on revenue and market share growth. The DAO faces significant competition from the likes of dYdX and Uniswap.
Still, it is unclear how long he will keep his job since several officials have left the organization in the past few months. Jonathan Howard left his CEO role in August.
Another main reason why the SushiSwap price has done well is that GoldenTree Asset Management said that it had invested in the token. It acquired tokens worth over $5.2 million.
SushiSwap price prediction
Turning to the daily chart, we see that the SUSHI price has risen in the past five straight days. In this period, it has risen to the upper side of the symmetrical triangle pattern that is shown in purple. It has also risen slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level.
Therefore, I suspect that the SushiSwap price will resume the bearish trend as sellers target the lower side of the triangle pattern at $1.02.
How to buy SushiSwap
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When SushiSwap (SUSHI) first came out, it was seen as one of the best ever projects in DeFi. Investor interest was instant and as such, the coin surged, hitting an all-time high of around $23.3 in March last year. But ever since, it’s been a challenging period for SUSHI. Can it really recover? Here is what you need to know:
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From an ATH of $23.3, SUSHI is now trading at around $3.56.
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SushiSwap is facing increasing competition in the DeFi space, especially DEXs.
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It is highly unlikely the coin will ever regain the ATH anytime soon.
Data Source: Tradingview
SushiSwap (SUSHI) -The bleak picture ahead
If there is anyone out there biting their fingers waiting for SUSHI to ever return to $23.3, they may have to wait for quite some time. You see, unlike many coins that have fallen due to broader market headwinds as opposed to changes in underlying fundamentals, SUSHI has suffered from both.
First, the project behind SUSHI is having to deal with increasing competition from better, more efficient market entrants that are sucking quite a lot of users and TVL. SushiSwap has also had to deal with the congestion and high gas fees of Ethereum, which has limited scalability.
As for the short-term price outlook, we saw the coin fall below the crucial $4.2 support. We expect SUSHI to bottom at $2.8 before it has any significant rally.
Is SushiSwap (SUSHI) worth the risk?
Well, it will depend on your expectations. Although the coin has fallen from ATHs and is never getting back there soon, there is still a little upside. At the current price of $3.5, SUSHI is heavily discounted.
If sentiment improves in the market, we are likely to see a surge towards $7 by the end of the year. That would still be a 50% jump. Besides, the move to Ethereum 2.0 could help jump-start the project in the future.
Decentralised exchanges are platforms where users can conduct trades in a permissionless way without any intermediary. DEX tokens are used as governance tokens and for staking. They can be as a store of value. DEXs support the operations of DeFi platforms.
PancakeSwap and Sushiswap are two of the most popular DEX platforms. They are both forks of Uniswap and are also automated market makers (AMMs). In essence, users provide liquidity pools by using the platform, thereby earning rewards.
PancakeSwap was developed on Binance Smart Chain by anonymous developers and launched in September 2020. It uses smart contracts to aid the swapping of tokens. Users can swap or exchange their LP tokens for another token. Also, it supports yield farming and staking of tokens. PancakeSwap can be accessed from Metamask, Trust Wallet, Ethereum Wallet, Binance Chain Wallet, and Math Wallet.
Sushiswap was released on the Ethereum network by Chef Nomi and 0xMaki in August 2020. However, ownership of the platform has been transferred to Sam Bankman-Fried. It can be accessed through Lattice, Coinbase Wallet, WalletConnect, and Metamask. Asides from yield farming and staking of tokens, users can also borrow and lend tokens. It uses the Minimal Initial Sushiswap Offering (MISO) to support the launching of new projects in its ecosystem.
Due to being forks of Uniswap, they share various similarities. However, the cost of a transaction differs, with users paying 0.2% on PancakeSwap and 0.3% on Sushiswap. Moreover, Sushiswap is more flexible than PancakeSwap. Between the two, PancakeSwap has more traders with a market cap of $2.17 billion to $906.6 million of Sushiswap.
Likewise, PancakeSwap supports NFTs and lottery in its ecosystem. It also has a separate token for unstaking CAKE. CAKE costs $8.15 right now, and SUSHi sells for $4.7. CAKE is the better DEX token of the two, and with the continuous adoption of the DEX, it will keep growing.
As 2021 comes to a close, SushiSwap (SUSHI) has been one of the top performers in the crypto market for the last week or so. The DeFi token is currently on a 7-day bullish run that has seen it gain nearly 35% in value over the same period. But can this momentum continue? Before we get to the price analysis, here are some highlights:
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At the time of writing, SushiSwap (SUSHI) had crossed into double figures, trading at $10 and up 10% in 24 hours.
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We expect the token to face major overhead resistance at around $10.88 over the coming days.
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Despite the bull run, the Relative Strength Index at the time of writing suggests the token is overbought, creating significant downside risk if investors decide to cash in profits.
Data Source: Tradingview.com
SushiSwap (SUSHI) – Price analysis and prediction
It’s been a good week for SushiSwap (SUSHI), no doubt about that. The coin has crossed into double digits for the first time in a while. The next big challenge will be to overcome overhead resistance at $10.88. If indeed this happens, we could possibly see SUSHI test its next resistance of around$11.59 and consolidate around the price if a breakout doesn’t happen.
But one key risk factor is the RSI reading. While most technical indicators look bullish, the RSI indicates SushiSwap (SUSHI) is overbought. If investors decide to lock in profits, then SushiSwap (SUSHI) may come under significant selling pressure, which could lead to a pullback towards $7.8 or thereabout.
Should you buy SushiSwap (SUSHI)
the answer is yes. For long-term investors, SUSHI is a decent DeFi token to have on your portfolio. But the short-term outlook suggests that we may see some volatility around SushiSwap (SUSHI) in the coming days. As such, for short-term bulls, this may not be the most ideal time to get in.
The post SushiSwap’s (SUSHI) 7-day bullish uptrend brings gains of over 35% – price analysis and prediction below appeared first on Coin Journal.
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Alex Dovbnya
Hattori Sushi & Drinks has joined “the digital world” by announcing Shiba Inu payments
A sushi restaurant located in Asunción, the capital of Paraguay, has started accepting the Shiba Inu cryptocurrency, according to a Thursday announcement on its Instagram page.
In addition, Hattori Sushi & Drinks will offer a 30% discount to customers who pay in the red-hot meme coin throughout November.
Such moves are meant to attract more buyers and spur the adoption of the joke cryptocurrency. In July, a Dogecoin fan from Utah offered a 10% discount on his house for those who would pay him in the original canine coin. The Dallas Mavericks, the professional basketball team owned by crypto-curious billionaire Mark Cuban, organized a promotional campaign for Dogecoin by offering cheaper tickets and merch in August for using DOGE as a payment method.
Paraguay’s cryptocurrency law
In June, Paraguayan lawmaker Carlos Rejala made headlines with his bill that some believed purported to make Bitcoin legal tender. However, the politician later clarified that the legislation intended to regulate cryptocurrency trading, mining and other activities instead of making an El Salvador-style crypto push.
The bill, which was presented in July, explicitly states that digital assets are not legal tender, to Bitcoin proponents’ chagrin.
Last month, however, Rejala announced his presidential run, courting crypto supporters with the promise of adopting Bitcoin as the official currency in 2023.
Shiba Inu’s big moment
Shiba Inu holders are being wooed by merchants around the world. Earlier this week, as reported by U.Today, a French bistro started accepting SHIB payments. Last week, an Argentine real estate agency made a similar move.
After muscling into the CoinMarketCap top 10 and surpassing the market cap of Dogecoin, Shiba Inu gained widespread media coverage because of its astronomical returns and became the top-trending topic on Twitter, with over one million tweets in just one day.
Buying up Shiba Inu in huge trading volumes also exerted pressure on crypto exchanges. Coinbase temporarily went offline yesterday due to “connectively issues.”
Shiba Inu, which saw an extreme buying frenzy earlier this week, reached a new lifetime peak of $0.00008616 before its insane rally hit the pause button.
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– TIMESTAMPS –
0:00 Intro
2:13 What is Sushiswap?
4:47 Sushiswap Launch
6:06 Pseudonymous Founders
8:23 Chef Spoils Broth
12:49 SushiSwap Features
15:04 SushiSwap Tokenomics
20:38 Final Thoughts
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Useful Links
► SushiSwap Website: https://sushiswapclassic.org/
► SushiSwap Docs: https://help.sushidocs.com/
► Unchained Podcast: https://unchainedpodcast.com/how-sushiswap-proved-that-liquidity-is-not-a-moat/
► Glassnode Report: https://insights.glassnode.com/sushi-token-economics-impact-of-inflation/
► Inflation Proposal: https://insights.glassnode.com/sushi-token-economics-impact-of-inflation/
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What is SushiSwap?
It is a fork of Uniswap that has introduced a governance token and adjusted the rewards schedule. The original goal of the protocol was to create a community governed ecosystem. They can vote on important decisions that impact the project.
At Uniswap, the liquidity providers would earn 0.3% fees on the value of the trade that is being done. This works out well when you are a relatively small portion of a pool. However, returns can get diluted for the smaller providers when those with more capital join in.
Over at Sushiswap, liquidity providers earn .25% and the remaining .05% of fees are paid out in their Sushi token.
How It Started
In order to jump start the process, they would offer enhanced incentives for the new liquidity providers. In the first two weeks after the launch, there would be 1,000 Sushi block rewards.
All they needed to do was stake their Uniswap LP tokens in the protocol and they would be able to earn their share of the 1,000 sushi hitting the market. This would then drop to 100 when the full protocol went live.
The Chef Nomi Exit Scam
There was an anonymous dev called Chef Nomi who had access to all the dev funds. These Dev funds were to be used to build out the protocol. However on the 6th of September, he cashed out all of those dev funds and converted them to Ethereum.
This caught the community off guard and they raised a storm. Eventually, he transferred the keys to Sam Bankman Fried who then set up a multisig wallet. However, out of fear of being doxed, he decided to return the fund back to the Dev pool. He is no longer on the project.
SUSHI Tokenomics
There is no cap on the supply. Currently, every new Ethereum block that is pushed, 100 Sushi will be minted by the Sushiswap protocol.
At current, there is a steady protocol inflation going on here. We should also not forget that in that initial 2 week phase, a hell of a lot of Sushi was hitting the market as block rewards were 10 times what they are now.
There was an analysis that was done by glassnode that looked at this protocol inflation and how it could impact on the price of SUSHI. They estimate that the SUSHI supply will be at 326.6 million one year after launch, and almost 600 million after two years.
However, there is a counteracting force here and that is the 0.05% from the trading fees that the developers have to buy back from the market. This creates demand pressure for Sushi which counteracts the supply pressure coming from the inflation.
They have run the numbers and they have calculated the amount of trading volume that needs to be done on the Sushiswap exchange in order to justify a certain price. That is 1 to 1.3 billion.
Of course, there is also demand to hold Sushi from a governance perspective. Holders can also use that Sushi in order to vote on protocol changes. These include things like changes to the amount of inflation (something that was proposed).
Uniswap Question?
Uniswap just announced that they would be releasing their own UNI token that is a governance token. This means that they are placing themselves in direct competitions to SushiSwap. It will be interesting to see how much of the SushiSwap liquidity will eventually flow back to Uniswap in the wake of this announcement.
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Sushiswap #Uniswap #defi #sushiswap #ethereum #Dex #chefnomi #blockchain
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