• Tue. Jul 16th, 2024

Is SushiSwap a good buy after a 13% jump on GoldenTree investment?

  • SushiSwap rose by 13% on Thursday 

  • GoldenTree revealed a $5.3 million holding 

  • SUSHI has hit the descending trendline, and the focus will be on the price action

Sushiswap SUSHI/USD rose more than 13% on Thursday, capping a substantial 18% gain in the past week. The gains on Wednesday reflected surging trading volumes up more than 130% as of press time. Positive news was behind the surge.

On October 5, global asset manager Golden Tree revealed a stake of $5.3 million in SushiSwap. The asset management firm controls about $50 million in assets. That indicated a potential big money flow in SUSHI and a validation of the DEX. In its press release, Golden Tree indicated it had been “following SushiSwap for a while.”

Potentially, the news of investment by GoldenTree hints at what is likely to come. The asset manager recently unveiled a digital asset-focused division. The company hinted at more involvement “in all things Sushi.” GoldenTree also plans to help the DEX improve its tokenomics. 

The GoldenTree news reawakens SUSHI from its slumber. The token trades at merely $1.2, having topped $23 in 2021 at the height of the crypto boom. 

SUSHI meets the descending trendline after the price pump


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Source – TradingView

Technically, SUSHI’s bullish momentum is confirmed by a MACD crossover. The token had already been gathering momentum above $1. With the level being tested severally this year, it suggests $1 is the potential bottom for SUSHI. 

The latest jump has pushed SUSHI to the descending trendline. A break above could attract more buyers, although it remains to be seen how bulls overcome the macro woes. Alternatively, SUSHI could correct at the descending trendline.

Concluding thoughts

SUSHI remains susceptible to correction after hitting a descending trendline. A breakout is also possible, although a weak crypto sentiment could curtail further upside. For now, let price action play out but remember, SUSHI could have found a bottom at $1.

The post Is SushiSwap a good buy after a 13% jump on GoldenTree investment? appeared first on CoinJournal.