{"id":11183,"date":"2022-11-03T13:53:45","date_gmt":"2022-11-03T17:53:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11183"},"modified":"2022-11-03T13:53:45","modified_gmt":"2022-11-03T17:53:45","slug":"time-to-buy-sushiswap-sushi-here-are-the-levels-to-watch","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/03\/time-to-buy-sushiswap-sushi-here-are-the-levels-to-watch\/","title":{"rendered":"Time To Buy SushiSwap (SUSHI)? Here Are The Levels To Watch"},"content":{"rendered":"

Besides the current market darling Dogecoin (DOGE), Polygon (MATIC) and Arweave (AR), driven by the Meta announcement<\/a>, are attracting the most interest today. Flying somewhat under the radar at the moment is SushiSwap (SUSHI), which should be no less interesting in the coming weeks.<\/p>\n

As Will Clemente, Co-Founder of Reflexivity Research recently tweeted<\/a>, SUSHI<\/a> is currently \u201cthe cleanest trading sh*tcoin I\u2019ve ever played. Whoever is market making this, 10\/10 job.\u201d<\/p>\n

As the respected analyst stated, he prefers the $1.50 to $1.55 level for a buy, as there is a confluence with large bids on Binance and liquidity levels for late longs.<\/p>\n

The hourly chart currently reveals that the SushiSwap token has broken the important $1.65 level on the downside in the 1-hour chart., making it vulnerable for further downside.<\/p>\n

SUSHI breaches $1.65. Source: TradingView<\/p>\n

However, on the daily chart, the SUSHI price is still in an ascending channel. If the trend holds and a bounce occurs in the $1.55 area, the next big target could be the 5-month high at $2.00. If SUSHI manages to retake this mark as well, all eyes could be on $2.75.<\/p>\n

Source: TradingView<\/p>\n

Fundamentals Backing The Case For SUSHI<\/h2>\n

The fundamentals support the thesis of a continued upward trend for SUSHI. Thus, the decentralized crypto exchange SushiSwap has recently approved a restructuring. The Sushi DAO community has approved the plan of establishing 3 companies for a new DAO.<\/p>\n

This was necessary after the Ooki DAO was targeted by the US Commodity Futures Trading Commission (CFTC) on September 22 for alleged violations of US investment laws. As a result, SUSHI\u2019s price fell below $1.50.<\/p>\n

The restructuring thus removed the regulatory uncertainty that had burdened the price.<\/p>\n

Very bullish in early October was also the news<\/a> that asset manager GoldenTree took a $5.3 million stake in SushiSwap. Subsequently, the SUSHI token soared by 13%.<\/p>\n

As Clemente explained<\/a> after the announcement at the time, SushiSwap has made a positive turnaround after some negative news. First, a new chief executive, Jared Grey, was hired.<\/p>\n

Next, $50B asset manager GoldenTree placed its bet on SUSDHI and expressed their commitment with a post on the Sushi forum. Clemente therefore believes:<\/p>\n

Aside from the assumption that the brilliant Avi Felman and Goldentree will do everything in their power to not let their first major public crypto position go bust, I think this offers an interesting asymmetric opportunity for Sushi.<\/strong><\/p>\n

If Goldentree orchestrates 1 positive change, the market will extrapolate that they\u2019ll make several more. Make 2 changes and the market will extrapolate out even further.<\/strong><\/p>\n

This could create a reflexive effect for the Sushi turnaround narrative.<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Besides the current market darling Dogecoin (DOGE), Polygon (MATIC) and Arweave (AR), driven by the Meta announcement<\/a>, are attracting the most interest today. Flying somewhat under the radar at the moment is SushiSwap (SUSHI), which should be no less interesting in the coming weeks.<\/p>\n

As Will Clemente, Co-Founder of Reflexivity Research recently tweeted<\/a>, SUSHI<\/a> is currently \u201cthe cleanest trading sh*tcoin I\u2019ve ever played. Whoever is market making this, 10\/10 job.\u201d<\/p>\n

As the respected analyst stated, he prefers the $1.50 to $1.55 level for a buy, as there is a confluence with large bids on Binance and liquidity levels for late longs.<\/p>\n

The hourly chart currently reveals that the SushiSwap token has broken the important $1.65 level on the downside in the 1-hour chart., making it vulnerable for further downside.<\/p>\n

SUSHI breaches $1.65. Source: TradingView<\/p>\n

However, on the daily chart, the SUSHI price is still in an ascending channel. If the trend holds and a bounce occurs in the $1.55 area, the next big target could be the 5-month high at $2.00. If SUSHI manages to retake this mark as well, all eyes could be on $2.75.<\/p>\n

Source: TradingView<\/p>\n

Fundamentals Backing The Case For SUSHI<\/h2>\n

The fundamentals support the thesis of a continued upward trend for SUSHI. Thus, the decentralized crypto exchange SushiSwap has recently approved a restructuring. The Sushi DAO community has approved the plan of establishing 3 companies for a new DAO.<\/p>\n

This was necessary after the Ooki DAO was targeted by the US Commodity Futures Trading Commission (CFTC) on September 22 for alleged violations of US investment laws. As a result, SUSHI\u2019s price fell below $1.50.<\/p>\n

The restructuring thus removed the regulatory uncertainty that had burdened the price.<\/p>\n

Very bullish in early October was also the news<\/a> that asset manager GoldenTree took a $5.3 million stake in SushiSwap. Subsequently, the SUSHI token soared by 13%.<\/p>\n

As Clemente explained<\/a> after the announcement at the time, SushiSwap has made a positive turnaround after some negative news. First, a new chief executive, Jared Grey, was hired.<\/p>\n

Next, $50B asset manager GoldenTree placed its bet on SUSDHI and expressed their commitment with a post on the Sushi forum. Clemente therefore believes:<\/p>\n

Aside from the assumption that the brilliant Avi Felman and Goldentree will do everything in their power to not let their first major public crypto position go bust, I think this offers an interesting asymmetric opportunity for Sushi.<\/strong><\/p>\n

If Goldentree orchestrates 1 positive change, the market will extrapolate that they\u2019ll make several more. Make 2 changes and the market will extrapolate out even further.<\/strong><\/p>\n

This could create a reflexive effect for the Sushi turnaround narrative.<\/strong><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-11183","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=11183"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11183\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11183"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}