Sushi was one of Tuesday’s biggest gainers, rising nearly 20 percent to $0.75 in 24 hours. The native token of decentralized exchange (DEX) SushiSwap continued to maintain this bullish structure, gaining 25 percent in 30 days, 39 percent in two weeks, and 26.5 percent last week. Sushi, which has a market capitalization of $143 million, ranks 216th among other cryptos, including stablecoins.
Sushi price may hit $1
Like most crypto assets in the market, Sushi has experienced a prolonged crypto winter, falling 96.8 percent from its all-time high of $23.38 in March 2021. Confirmation of the double bottom formation support at $0.5322 allowed the bulls to take back the reins and determine the next direction. Sushi price broke above the first major hurdle at the 50-day Exponential Moving Average (EMA) and this move strengthened bullish control.
It then climbed above the 100-day EMA resistance, paving the way for the ongoing upward move, pushing Sushi double bottom formationIt brought the flour close to breaking.
However, resistance at the 200-day EMA still stands in the way of the expected breakout from the neckline resistance at $0.7785. This means investors should focus on getting above this barricade to increase Sushi’s chances of breaking above $1.
As a result, this is expected to be accompanied by a significant increase in trading volume, as Sushi is still poised for a breakout of the double bottom formation at the neckline resistance.
The price of $SUSHI is up 16% today.
— Lookonchain (@lookonchain) October 31, 2023
Are whales manipulating price?
Lookonchain, a blockchain data tracking platform, highlighted the huge increase in Sushi price today but warned of possible price manipulation.
Manipulation or not, Sushi’s double-digit increase will attract the attention of investors who may want to continue the uptrend. However, investors who have not yet entered long positions may want to wait for Sushi to break above the neckline resistance at $0.77 to confirm that the uptrend is continuing and avoid possible declines.