🍣SUSHISWAP price. Is it time "to taste" SUSHI again?🥢
Today we will consider the trading pair SUSHIUSDT on the daily timeframe and tell you why this chart has attracted our attention.
During the DeFi boom of 2020-21, the SUSHISWAP protocol was quite popular and was always in the top 10 in terms of TVL. The maximum locked amount of pledged assets in the SUSHI protocol reached $7 billion, which was about 4% of the total TVL of the DeFi sector.
As of today, about 550mn is locked in the SUSHISWAP protocol, which is about 1% of the total TVL of the DeFi sector.
In principle, this is not a bad result and the share of "influence" in the DeFi sector. If we take into account the fact that the price of the SUSHI token has decreased by -90-95% over the past year and depreciated by 13-15 times.
So why has this project attracted our attention now, you may ask? And we will answer:
1. Increased trading volumes that began to return to the SUSHIUSD trading pair, and accordingly, this is an increased interest of both buyers and sellers to the coin. There is interest in the coin, so the project is "alive" even after such a strong and long fall.
2. Buyers managed to break through and consolidate above the liquidity zone of $1.50-1.60 and this is on the daily time frame. For the last six months, this liquidity zone was a strong resistance and did not let the price go up.
3. Even the most modest assumption regarding the potential for SUSHIUSDT price growth to the range of $3-3.30 from current prices is x2. Moreover, it can still be growth within the downtrend, that is, the price will be below the red trend line.
Summarizing:
In our opinion, as long as the buyers of SUSHI manage to keep the price above the liquidity zone of $1.50-1.60, there is a good potential for the price to rise first to $2.30, and in the best situation to $3-3.30.
_____________________
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During the DeFi boom of 2020-21, the SUSHISWAP protocol was quite popular and was always in the top 10 in terms of TVL. The maximum locked amount of pledged assets in the SUSHI protocol reached $7 billion, which was about 4% of the total TVL of the DeFi sector.
As of today, about 550mn is locked in the SUSHISWAP protocol, which is about 1% of the total TVL of the DeFi sector.
In principle, this is not a bad result and the share of "influence" in the DeFi sector. If we take into account the fact that the price of the SUSHI token has decreased by -90-95% over the past year and depreciated by 13-15 times.
So why has this project attracted our attention now, you may ask? And we will answer:
1. Increased trading volumes that began to return to the SUSHIUSD trading pair, and accordingly, this is an increased interest of both buyers and sellers to the coin. There is interest in the coin, so the project is "alive" even after such a strong and long fall.
2. Buyers managed to break through and consolidate above the liquidity zone of $1.50-1.60 and this is on the daily time frame. For the last six months, this liquidity zone was a strong resistance and did not let the price go up.
3. Even the most modest assumption regarding the potential for SUSHIUSDT price growth to the range of $3-3.30 from current prices is x2. Moreover, it can still be growth within the downtrend, that is, the price will be below the red trend line.
Summarizing:
In our opinion, as long as the buyers of SUSHI manage to keep the price above the liquidity zone of $1.50-1.60, there is a good potential for the price to rise first to $2.30, and in the best situation to $3-3.30.
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
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