SushiSwap’s price jumped by 7% in the last 24 hours, fueled by the broader crypto market’s recovery and Bitcoin’s recent gains.
However, this increase may also be due to SushiSwap’s upcoming launch of Dojo, a meme coin launchpad created in collaboration with Goat Trading, a decentralized exchange (DEX).
The Dojo launchpad, now set for September 17, aims to provide users with a simple and secure platform for launching meme coins. With Dogecoin receiving fresh attention from Elon Musk, this move could push SushiSwap’s price up by 39%, potentially reaching $1.
Dojo Launchpad Could Replicate Pump.Fun’s Success
SushiSwap has built a reputation as a major player in the DeFi space. Its partnership with Goat Trading to release Dojo is expected to further cement its position. The platform’s deep liquidity and popularity could mirror the success of other DEX platforms like Pump.Fun on Solana.
Dojo is designed to offer instant trading without slippage, making it user-friendly for both beginners and advanced traders. With SUSHI’s market cap currently sitting at around $122 million, the partnership could drive significant growth, especially when compared to Uniswap’s market cap.
SushiSwap’s Price Targets: Can It Reach $1?
SushiSwap’s price has been trading within a descending channel since May, but it’s now approaching the upper boundary of that channel. If a breakout occurs, the price could rise significantly, with targets at $0.88, $1, and beyond.
Currently, SUSHI faces resistance at $0.64 and $0.88, the latter coinciding with the 200-day exponential moving average (EMA). If it fails to break through these levels, the price may retrace to around $0.57 or even drop lower to $0.30, invalidating the bullish outlook.
Accumulation at Support Levels Could Be Key
As SushiSwap’s partnership with Goat Trading draws more attention to SUSHI and GOAT tokens, accumulation near the $0.57 support level could be a smart strategy. If SUSHI breaks out of its current channel, it could climb to $1, with further potential beyond that.
