The New SUSHI NFT Marketplace Is Just Around The Corner

SushiSwap Price Analysis: The New SUSHI NFT Marketplace Is Just Around The Corner

  • ‘Shoyu’, the new SUSHI NFT marketplace is expected to be launch around mid-august
  • SUSHI token shows an evening star pattern at the $ 9.5 resistance level in the daily time frame
  • The SUSHI/BTC pair was trading at 0.0002479 BTC with a loss of 1.11%

The SUSHI token has shown a strong recovery of around 50% after taking support from the $6 level with the launching of a new NFT marketplace. The prices may see a new rise . However, this rally was soon halted by a crucial resistance level of around $9.5; what makes this level extremely formidable is the strong convergence of this $9.5 resistance level with the FIB 0.618, EMA 50, and EMA 200. Thus, the price got rejected with an evening star pattern and is currently at $8.09 with an intraday gain of 2.29%

About the EMA’s, the SUSHI token is trading below the critical EMA’s 20, 50, 100, and 200, indicating a strong bearish trend. Thus each of these lines will act as strong resistance to the token. In addition, the chart also shows a death crossover of 50 and 200 EMA attracting more sellers in the market.

The RSI (BEARISH) current value is 48, indicating a slightly bearish sentiment in the market.

The Ascending Trendline Stands As A Last Resort For SUSHI Token Buyers

The SUSHI token price rises with an ascending trendline in the 4hr time frame chart. This trendline is the last line of defense for the SHUSHI token that can provide strong support to price and help maintain this small rally; however, traders can expect a fall back to the $6 mark if the trendline is breached.

The MACD indicator (BEARISH) indicates strong selling momentum in the SUSHI token as both the line has given a bearish crossover and are slowly approaching the neutral zone and will eventually cross it if the price continues to fall.

‘Shoyu’, The New SUSHI NFT Marketplace Soon To Be Launched

Sushiswap is launching an NFT marketplace called ‘Shoyu.’

In March, the first proposal for this NFT was made, and “Shoyu” was the name chosen by the community as it means soy sauce in Japanese. Shoyu plans to launch a digital marketplace for collectibles and a 3D metaverse, similar to Decentraland and Axie Infinity games.

NFTs from Ethereum and other chains will be supported by the platform in a Solidity-based multichain ecosystem. In addition, the protocol will allow Sushi token holders to receive a portion of the fees it generates. According to the Sushi forum plans, 2.5% of each transaction will go to holders of xSUSHI.

Shoyu, the first version of Sushi’s NFT market, is expected to go live around mid-August.

Shoyu’s contracts also include an exchange function that promises to optimize gas fees. In addition, it will use an off-chain approach to reduce the number of on-chain bids for NFTs Ethereum. However, use an off-chain order book for Polygon.

The craze about these NFT tokens among the digital artists, celebrities, sports personalities, musicals, etc. has increased a lot from early this year, and Sushi’s Shoyu will attempt to capture the interest of the famous personalities and also will compete with Axie Infinity, OpenSea, Rarible, and Decentraland for market share.

Conclusion: From the technical perspective, the SUSHI token shows a strong recovery after taking support from the $6 support but was soon rejected with an evening star pattern near a crucial resistance of $9.5. What prevents this token from falling back to the $6 mark is an ascending trendline in the 4hr time frame. This trendline brings multiple opportunities for SHUSHI trades as one can ride an uptrend as price takes support from this also or also. If this trendline is breached, it will offer a good shorting opportunity for many market participants.

Published By : The Market Periodical


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