Can SushiSwap Break $1 Barrier After Launching Meme Coin Platform?

SushiSwap price surged 7% in the last 24 hours following the recovery of the crypto market, which spiked 2.4% due to the Bitcoin price recovery. However, this may not be the only contributor to the SUSHI price gain, as the platform just launched Dojo, a new meme coin launchpad, in collaboration with Goat decentralized exchange. 

With Dogecoin receiving fresh support from Elon Musk, technical analysis reveals this SushiSwap move could potentially push the price of SUSHI up another 39% to $1.

SushiSwap Price to be Boosted by Dojo

SushiSwap, a big name in the crypto industry, is partnering with Goat Trading, an upcoming DEX, to launch Dojo, a launch pad for top meme coins. The release, scheduled for September 10, has been pushed forward to September 17 to ensure everything is in order. 

Dojo release will be delayed 1 week until September 17th in order to ensure a clean and powerful launch, but in the meantime we think it’s time to give a quick sneak peek into the next generation of memecoin launchpads:

— Sushi.com (@SushiSwap) September 9, 2024

Dojo is expected to be different from a typical launch pad. According to SushiSwap’s official post, Dojo will be simple enough for anyone to use but safe for both new and advanced users. 

SushiSwap could replicate Pump.Fun success on its platform, banking on its popularity and track record of providing some of the crypto industry’s best DeFi and DEX services pushing SushiSwap price up.

Among other features, Dojo will have instant trading and no slippage. SushiSwap’s role in Dojo will be to provide deep liquidity for the tokens launched on the platform, similar to Pump.Fun’s and Raydium DEX work on the Solana network.

According to CoinGecko, SUSHI market cap sits around $122 million, just a fraction of its counterpart Uniswap’s market cap. With this partnership and launch, SUSHI price could raise a big price, especially with the chart ready for a new run.

SUSHI Price Is Not Stopping Until $1

SushiSwap price has been trending within a descending channel since mid-May. However, the price is approaching the top of this channel, signaling potential upside momentum if a breakout occurs.

Recent candlesticks indicate bullish momentum, as SUSHI bounced off the midline of the falling channel and moved toward the channel’s upper boundary.

On its way up, SushiSwap price may encounter resistance around the upper boundary of the descending channel near $0.64. Above this, $0.882 acts as a strong resistance since it coincides with the 200-day exponential moving average (EMA).

Without a clear breakout, SushiSwap price could retrace from the current resistance levels to around $0.57, where the price bounced previously. Below that, expect SUSHI to drop lower to the bottom of the channel around $0.30. This would invalidate the current bullish thesis.

SushiSwap’s partnership with Goat Trading will attract more attention and volume to the SUSHI and GOAT tokens, likely leading to price increases. Accumulating at support levels near $0.57 with a target of $0.88, $1, and beyond could be a good strategy if the price breaks out of the channel to the upside.