SushiSwap Price Rallies 7% Amid Crypto Market Recovery and Dojo Launch

SushiSwap Price Rallies 7% Amid Crypto Market Recovery and Dojo Launch

The price of SushiSwap (SUSHI) surged by 7% in the last 24 hours, benefiting from the broader recovery in the cryptocurrency market, which saw a 2.4% rise driven by Bitcoin’s price rebound. However, the rise in SUSHI’s price isn’t solely due to market conditions; the platform has recently unveiled “Dojo,” a new meme coin launchpad in collaboration with Goat, a decentralized exchange.

Dojo Launchpad and Elon Musk’s Influence on Dogecoin

While Dogecoin continues to gain momentum with renewed backing from Elon Musk, SushiSwap’s latest move with the Dojo launchpad could be a catalyst for further price appreciation. Technical indicators suggest that the SUSHI price could climb an additional 39%, potentially reaching $1.

SushiSwap’s Dojo to Drive Market Interest

As a well-established player in the decentralized finance (DeFi) space, SushiSwap has partnered with Goat Trading, an emerging decentralized exchange, to launch Dojo—an innovative launchpad specifically designed for meme coins. Originally scheduled for release on September 10, the launch has been postponed to September 17 to ensure a seamless rollout.

According to SushiSwap’s official announcement, Dojo is designed to be user-friendly and secure, catering to both novice and experienced users. With its strong reputation in DeFi and decentralized exchanges (DEX), SushiSwap aims to replicate the success of similar platforms like Pump.Fun, driving further growth in the SUSHI token price.

Key features of Dojo will include instant trading capabilities and zero slippage. SushiSwap’s primary role in the platform will be to provide deep liquidity for newly launched tokens, similar to what Pump.Fun and Raydium DEX have achieved on the Solana network.

With a current market capitalization of around $122 million, SushiSwap remains significantly smaller than competitors like Uniswap. However, this partnership with Goat Trading and the introduction of Dojo could fuel substantial price gains for SUSHI, particularly with technical indicators pointing to an impending rally.

SUSHI Price Could Reach $1 on Breakout

SUSHI has been trading within a descending channel since mid-May, but recent price movements suggest a potential bullish breakout. The price is nearing the upper boundary of the channel, signaling possible upward momentum.

Candlestick patterns also reveal growing bullish strength, with SUSHI bouncing off the channel’s midline and pushing toward higher resistance levels.

If SushiSwap manages to break through the upper boundary near $0.64, the next significant resistance point lies at $0.882, aligned with the 200-day exponential moving average (EMA). A successful breakout could propel SUSHI to $1 or beyond.

Conversely, failure to clear these resistance levels could result in a retracement to the $0.57 support level, where the price has previously found stability. A dip below this level could drive SUSHI down to the channel’s bottom near $0.30, which would invalidate the current bullish outlook.

However, SushiSwap’s partnership with Goat Trading is expected to bring increased attention and trading volume to both SUSHI and GOAT tokens. Investors may find opportunities by accumulating at support levels around $0.57, with potential targets at $0.88, $1, or higher if the price breaks out of its current pattern.