SushiSwap (SUSHI) Price Surges 12% as Platform Prepares to Launch New Meme Coin Launchpad Dojo

SushiSwap price surged 12% in the last 24 hours following the recovery of the crypto market, which spiked 4.1% due to the Bitcoin price recovery.

Cryptocurrency exchange SushiSwap (CRYPTO: SUSHI) is partnering with upcoming decentralized exchange Goat Trading to launch Dojo, a meme coin launchpad.

The launch, initially set for Sept. 10, has been pushed to Sept. 17 to ensure a smooth rollout.

"Dojo release will be delayed 1 week until September 17th in order to ensure a clean and powerful launch, but in the meantime we think it’s time to give a quick sneak peek into the next generation of memecoin launchpads," SushiSwap announced.

According to SushiSwap's official post, Dojo will be different from a typical launchpad in that it will be simple enough for anyone to use but safe for both new and advanced users.

"We’re aiming to create a launchpad that’s simple enough for anyone to use, yet powerful and safe for both new and advanced users — something that’s been missing in the current memecoin landscape," the exchange said.

The launchpad is expected to feature instant trading and no slippage. SushiSwap will provide deep liquidity for the tokens that will be launched on the platform.

CoinGecko data showed SUSHI's market cap stood at $122.2 million, a fraction of that of counterpart Uniswap (CRYPTO: UNI).

"With this partnership and launch, we could see SUSHI price shoot up another 39% from current price, especially with the chart primed for another run," Benzinga Crypto said.

Chart shows SUSHI price action and Fibonacci extensions. (Courtesy: Finviz Elite)

The price of SUSHI has been trending within a descending channel since mid-May on the price chart. However, the price is approaching the top of this channel, signaling potential upside momentum if a breakout occurs.

Recent candlesticks show bullish momentum, as SUSHI bounced off the midline of the falling channel and moved toward the channel's upper boundary.

On its way up, SUSHI may encounter resistance around the upper boundary of the descending channel near $0.64. Above this, $0.882 acts as a strong resistance since it coincides with the 200-day exponential moving average (EMA).

Without a clear breakout, the price could retrace from the current resistance levels to around $0.57, where the price bounced previously. Below that, expect SUSHI to drop lower to the bottom of the channel around $0.30. This would invalidate the current bullish thesis.

See MoreChart shows SUSHI price action and Fibonacci extensions. (Courtesy: Finviz Elite)

The partnership between SushiSwap and Goat Trading is expected to attract more attention and volume to the SUSHI and GOAT tokens, which could lead to price increases.

Accumulating at support levels near $0.57 with a target of $0.88, $1, and beyond could be a good strategy if the price breaks out of the channel to the upside.

Frequently Asked Questions (FAQs)

1. What caused the recent 12% surge in the SushiSwap price?

The recent surge in the SushiSwap price can be attributed to the broader crypto market recovery and the launch of Dojo, a meme coin launchpad, in collaboration with Goat decentralized exchange.

2. What is Dojo, and how will it impact the SushiSwap price?

Dojo is a meme coin launchpad that will be integrated into SushiSwap. It aims to provide a simple, safe, and highly liquid platform for launching new meme coins. The launchpad is expected to generate significant attention and trading volume for SUSHI and GOAT tokens, potentially driving up their prices.

3. When is the official release of Dojo?

The official release of Dojo has been pushed back to Sept. 17 to ensure a smooth and powerful launch.

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