Sushi Price Pumps 20% Ahead Of Another 32% Potential Breakout – Manipulation or Bull Run?
Sushi is emerging as one of the biggest gainers on Tuesday, surging almost 20% in 24 hours to $0.75. The token native to the decentralized exchange (DEX) SushiSwap has continued to sustain this bullish structure, gaining 25% in 30 days, 39% in two weeks, and 26.5% in the last week.
The trading volume backing the uptrend has continued to increase, with $83 million coming in 24 hours. Sushi boasts $143 million in market capitalization and ranks #216 among other cryptos including stablecoins.
Sushi Price Explodes Toward $1
Sushi like the majority of cryptos in the market has endured a long-standing crypto winter, falling 96.8% from its all-time high of $23.38 in March 2021. The confirmation of a double-bottom pattern support at $0.5322 allowed bulls to take back the reins and determine the next direction. Sushi price stepped above the first major hurdle at the 50-day Exponential Moving Average (EMA) (red) — a move that reinforced the bullish control.
The subsequent climb above the 100-day EMA (blue) resistance paved the way for the ongoing bullish action in an engulfing candle, bringing Sushi close to a double-bottom pattern breakout.
However, resistance at the 200-day EMA still stands in the way of the breakout expected from the neckline resistance at $0.7785. This means that traders should focus on pushing above this blockade to increase the chances of Sushi climbing above $1.
Meanwhile, the position of the Relative Strength Index (RSI) at 84.29 cautions traders to stay alert to avoid bull traps. In other words, the highly overbought RSI signals that a potential correction could be in the offing. It would be prudent to watch out for the index’s retreat into the neutral as confirmation of a pullback.
On the bright side, Sushi is still poised for the double-bottom pattern breakout at the neckline resistance. Note that such a breakout would be accompanied by a significant increase in trading volume.
Sushi price would be expected to surge almost by 32% to $1.02 — a distance equal to the height of the pattern.
Are Whales Manipulating Sushi Price?
Lookonchain, a blockchain data monitoring platform highlighted the massive increase in Sushi price today but warned of possible price manipulation.
According to Lookonchain “someone is manipulating the price of $SUSHI and going long $SUSHI to make profits.”
The price of $SUSHI is up 16% today.
It seems someone is manipulating the price of $SUSHI and going long $SUSHI to make profits.
A fresh wallet is buying $SUSHI on #DEX and depositing $USDC to perpetual exchanges such as #dydx through multiple addresses(probably long $SUSHI). pic.twitter.com/IQQ93xE2PQ
— Lookonchain (@lookonchain) October 31, 2023
The post on X (formerly Twitter) revealed that a new wallet was buying SUSHI on the decentralized exchange and depositing stablecoin USDC to perpetual exchanges like dydx using “multiple addresses (probably long SUSHI).”
Manipulation or not, Sushi’s double-digit increase is bound to attract investors who may want to ride the uptrend. Traders yet to get in on the longs may, however, want to wait for Sushi to break above the neckline resistance at $0.77 to validate the uptrend’s continuation and avoid possible dips.
Related Articles
- Dogecoin Price Prediction As Devs Gear Up For Major Network Upgrade, Breakout To $0.1 Imminent?
- Solana Price Rally To $40 Imminent As AUM Inflows Hit $24M, Second Only To Bitcoin
- XRP Price Prediction As Bulls Pick Up The Pace Above $0.6, Can Hit It $2 In November?
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- XRP, SHIB, HBAR Among 15 to Get Faster Crypto ETF Approval Under SEC’s New Rule
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
