Date: February 2, 2025 | 05:31 PM GMT
The cryptocurrency market is experiencing a sharp sell-off today, with Bitcoin (BTC) dropping below $98,000 and Ethereum (ETH) falling by 9 percent. This downturn appears to be driven by ongoing U.S. tariff wars and a rise in Bitcoin dominance, which has now increased to 60.23 percent.
Amid this market-wide correction, SushiSwap (SUSHI) has also suffered a significant decline of over 17 percent, currently trading around $1.0.
However, technical indicators suggest that a potential bullish reversal could be on the horizon, as highlighted by chart analyst @bitamberly.
Analyst Insight
According to technical analysis, SushiSwap has broken out from a descending triangle formation and is now retesting the breakout zone on the weekly chart.
The chart indicates that SUSHI has broken out of a three-year-long descending triangle pattern and is now testing previous resistance as support. The price is currently hovering around the $1 support level, a critical area to hold for further upside momentum.
If SUSHI successfully bounces from this retest, potential upside targets include $2.20, $2.80, $5.00, and $11.00.
What’s Ahead?
As SUSHI is retesting this long-awaited breakout, the ongoing market decline remains a major concern. However, broader market indicators hint at a possible altcoin resurgence.
According to Jonathan, a prominent chart analyst, the altcoin market capitalization (OTHERS) is bouncing off a strong ascending support level and is poised for potential upside movement against Bitcoin.
The ascending trendline has historically acted as a strong support level. If the trend holds, altcoins could witness a significant rally targeting previous highs.
Previous Bitcoin halving cycles have triggered major altcoin rallies, typically starting in January following a peak in Bitcoin dominance. If Ethereum recovers, it could lead to renewed investor interest in decentralized finance (DeFi) tokens like SushiSwap.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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