Sushi is rising as one of many greatest gainers on Tuesday, surging virtually 20% in 24 hours to $0.75. The token native to the decentralized alternate (DEX) SushiSwap has continued to maintain this bullish construction, gaining 25% in 30 days, 39% in two weeks, and 26.5% within the final week.
The buying and selling quantity backing the uptrend has continued to extend, with $83 million coming in 24 hours. Sushi boasts $143 million in market capitalization and ranks #216 amongst different cryptos together with stablecoins.
Sushi Value Explodes Towards $1
Sushi like the vast majority of cryptos out there has endured a long-standing crypto winter, falling 96.8% from its all-time excessive of $23.38 in March 2021. The affirmation of a double-bottom sample help at $0.5322 allowed bulls to take again the reins and decide the following path. Sushi worth stepped above the primary main hurdle on the 50-day Exponential Shifting Common (EMA) (purple) — a transfer that strengthened the bullish management.
The following climb above the 100-day EMA (blue) resistance paved the best way for the continued bullish motion in an engulfing candle, bringing Sushi near a double-bottom sample breakout.
Nonetheless, resistance on the 200-day EMA nonetheless stands in the best way of the breakout anticipated from the neckline resistance at $0.7785. Which means merchants ought to deal with pushing above this blockade to extend the probabilities of Sushi climbing above $1.
![Sushi price prediction daily chart](https://coingape.com/wp-content/uploads/2023/10/SUSHIUSD_2023-10-31_21-06-56.png)
In the meantime, the place of the Relative Power Index (RSI) at 84.29 cautions merchants to remain alert to keep away from bull traps. In different phrases, the extremely overbought RSI alerts {that a} potential correction may very well be within the offing. It will be prudent to be careful for the index’s retreat into the impartial as affirmation of a pullback.
On the brilliant aspect, Sushi remains to be poised for the double-bottom sample breakout on the neckline resistance. Word that such a breakout could be accompanied by a major enhance in buying and selling quantity.
Sushi worth could be anticipated to surge virtually by 32% to $1.02 — a distance equal to the peak of the sample.
Are Whales Manipulating Sushi Value?
Lookonchain, a blockchain information monitoring platform highlighted the large enhance in Sushi worth right now however warned of attainable worth manipulation.
In line with Lookonchain “somebody is manipulating the value of $SUSHI and going lengthy $SUSHI to make income.”
The worth of $SUSHI is up 16% right now.
It appears somebody is manipulating the value of $SUSHI and going lengthy $SUSHI to make income.
A recent pockets is shopping for $SUSHI on #DEX and depositing $USDC to perpetual exchanges reminiscent of #dydx via a number of addresses(in all probability lengthy $SUSHI). pic.twitter.com/IQQ93xE2PQ
— Lookonchain (@lookonchain) October 31, 2023
The submit on X (previously Twitter) revealed {that a} new pockets was shopping for SUSHI on the decentralized alternate and depositing stablecoin USDC to perpetual exchanges like dydx utilizing “a number of addresses (in all probability lengthy SUSHI).”
Manipulation or not, Sushi’s double-digit enhance is certain to draw traders who could need to journey the uptrend. Merchants but to get in on the longs could, nevertheless, need to look forward to Sushi to interrupt above the neckline resistance at $0.77 to validate the uptrend’s continuation and keep away from attainable dips.
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