According to CoinMarketCap, SushiSwap's price, trading at $0.6244, surged 7.3% in the last 24 hours, fuelled not only by the broader crypto market recovery but also by the platform's recent launch of Dojo, a new meme coin launchpad in collaboration with Goat decentralised exchange (DEX).
With Dogecoin gaining renewed support from Elon Musk, technical analysis suggests this strategic move by SushiSwap could potentially drive SUSHI's price to $1.
SushiSwap, a prominent player in the crypto industry, is collaborating with Goat Trading, an emerging DEX, to launch Dojo, a new launchpad for meme coins.
Originally set for 10 September, the release has been rescheduled to 17 September to ensure a seamless rollout.
Dojo is designed to stand out from typical launchpads, offering a user-friendly interface that caters to both novice and experienced users while maintaining high security standards.
SushiSwap aims to replicate the success of Pump.Fun by leveraging its reputation and history of delivering top-tier DeFi and DEX services, potentially boosting the value of its native token, SUSHI.
Dojo will feature instant trading and zero slippage, with SushiSwap providing deep liquidity for tokens launched on the platform, similar to the work done by Pump.Fun and Raydium DEX on the Solana network.
This partnership and the launch of Dojo could significantly elevate SUSHI's value, especially with technical indicators suggesting a potential price surge.
SushiSwap's price has been confined within a descending channel since mid-May, but it’ is now approaching the upper boundary, hinting at possible upward momentum.
Recent bullish candlesticks suggest SUSHI may break out of this pattern, with resistance expected around $0.64 and stronger resistance at $0.882.
Without a breakout, the price could retrace to $0.57, with potential further decline to $0.30, invalidating the bullish outlook.
The partnership with Goat Trading could boost interest and trading volume in SUSHI and GOAT tokens, potentially driving prices higher.
Accumulating near $0.57 with targets of $0.88, $1, and beyond could be a sound strategy if a breakout occurs.
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