SushiSwap confirms a breakout. Why you should buy now
As cryptocurrencies show up again, some tokens are expected to present better opportunities than others. Just don’t pick up a token because it has posted gains. SushiSwap (SUSHI/USD) is one of those tokens you should consider investing in now. A breakout indicates a positive price trajectory.
SushiSwap prides itself as the blockchain for everyone. Users can swap, earn, lend, borrow, and stack yields on the DeFi platform. For that reason, SushiSwap grew immensely last year as DeFi applications gained interest. Its native token, SUSHI, touched $23 in March 2021 but has since then been on a downward spiral.
Recent price action has suggested that SushiSwap was gearing for a recovery. For more than 5 months, the token has defended its price at around $1. The cryptocurrency now trades at $1.65 after adding more than 14% in the past week. We believe more gains are likely, according to the daily chart below.
SUSHI initiates a recovery after a breakout at $1.30
Source – TradingView
A technical outlook shows SUSHI pushing higher after breaking above a descending trendline at $1.30. A short-term bullish trendline has emerged from the $1.00 price bottom. A system of higher highs and higher lows reinforces a bullish momentum.
The MACD indicator also shows an increasing momentum. The indicator is going further into the bull territory. The 20-day moving average crossed above the 50-day moving average, a further bullish indicator.
Should you buy SUSHI?
SUSHI price could build on the bullish trend and ongoing recovery to go higher. The area around $1.90 could offer resistance, although a price higher up to $3.00 is attainable. A retracement in the price of SUSHI should be an opportunity to buy the cryptocurrency.
If the bull strength fails, then the area to watch would be $1.30. To a diligent investor, however, any price above $1 is attractive for SUSHI.
Where to buy SUSHI
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
The post SushiSwap confirms a breakout. Why you should buy now appeared first on CoinJournal.
