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 is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
The post SushiSwap confirms a breakout. Why you should buy now appeared first on CoinJournal.