Today we will consider the SUSHI cryptocurrency on the daily timeframe and tell you why this chart caught 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 amount of pledged assets in the SUSHI protocol reached $7 billion, which was about 4% of the total TVL indicator of the DeFi sector.
As of today, about $550 million has been raised in the SUSHISWAP protocol, which is about 1% of the total TVL indicator of the DeFi sector.
In principle, this is not a bad result and a share of “influence” in the DeFi sector, if you take into account the fact that the price of the SUSHI token decreased by -90-95% over the last year and depreciated by 13-15 times, and at the minimum by 25 times.
So why has such a project caught our attention now, you ask. And we will answer:
- Increased trading volumes, which began to return to the SUSHIUSD trading pair, and accordingly, this is an increased interest of both buyers and sellers in the coin. There is interest in the coin, which means that the project is “alive” even after such a strong and prolonged fall.
- Buyers managed to break through and secure themselves above the liquid zone of $1.50-1.60, and this is on the daily time frame. For the last six months, this liquid zone acted as a strong resistance and did not let the price go up.
- Even a modest estimate of the upside potential for SUSHIUSDT in the $3-$3.30 range from current prices is x2. Moreover, it can still be a growth within the downtrend, that is, the price will be below the red trend line.
Summarizing:
In our opinion, as long as SUSHI buyers manage to keep the price above the liquid zone of $1.50-1.60, there is good potential for the price to rise first to $2.30, and in a better situation to $3-3.30
