SUSHI experienced a nearly 20% surge within 24 hours, reaching $0.75 and becoming one of the top-gaining altcoins on Tuesday. SUSHI, the token of decentralized exchange (<a href="https://en.coin-turk.com/a-comprehensive-look-at-uniswap-uni-a-rising-star-in-the-crypto-market/”>DEX) SushiSwap, has shown a solid upward trend, gaining 25% in the past 30 days, 39% in the past two weeks, and 26.5% in just the past week.
The increase in price was supported by an increase in trading volume, with a total volume of $83 million within 24 hours. SUSHI currently has a market cap of $143 million and ranks 216th on the list, including other cryptocurrencies, including stablecoins.
Similar to many other cryptocurrencies in the market, SUSHI has been affected by the long-standing bearish market, experiencing a 96.8% drop from its all-time high (ATH) of $23.38 in March 2021.
According to chart analysis, after the confirmation of the double bottom formation support at $0.5322, the situation allowed the bulls to regain control and determine the direction of price movement. The SUSHI price broke above the first major resistance level at the 50-day Exponential Moving Average (EMA) (red), strengthening the upward control.
Furthermore, the Relative Strength Index (RSI) value of 84.29 serves as a warning for investors not to be affected by a potential selling wave. In other words, the overbought RSI indicates the possibility of a correction. Attention can be paid to the index’s movement towards neutrality as a sign of a pullback.
On the other hand, the SUSHI price presents a favorable outlook for breaking the double bottom formation. It should be noted that such a move could be accompanied by a significant increase in trading volume. After such a movement, the SUSHI price is expected to rise to $1.02, an increase of 32%.
The famous blockchain monitoring platform, Lookonchain, drew attention to the significant increase in SUSHI price today but warned investors about possible price manipulation. Lookonchain stated:
Someone is manipulating the price of $SUSHI and going long to make a profit.
The shared post on X reveals that a new wallet purchased SUSHI on a decentralized exchange and deposited USDC stablecoin to exchanges like dydx using multiple addresses.
Although the increase in SUSHI price may be due to manipulation, it can attract the attention of investors who want to continue the upward trend of the altcoin. However, investors who have not yet taken long positions may consider waiting for the price to break above the $0.77 resistance level before confirming the continuation of the upward trend.