Sushi has been active for a little less than a month and it has been a horror ride for anyone who was an initial investor.
Sushi prices started out at nearly $6 but in a mater of days was down approximately 80% and is now trading in the $1.3 range.
Most probably already know about the in-out-in-out mess with anonymous creator Chef Nomi. While that certainly gave the project a black eye right out of the gate. The gourmet treat quickly turned into just a pile of rotting fish.
But SushiSwap is under new manangement now and will continue providing the exchange service it was intended to be.
Long term I think Sushi will be successful. There is room for more than one exchange. If Sushi prices can stabilize or grow, supplied liquidity will increase greatly as yield farmers come on board. And that will result in further growth.
So if that is the case where is the bottom for Sushi. Looking at a more recent chart it does appear the price has stabilized in the $1.30 range. It will be interesting to see if Sushi can hold this level of support or will the next down cycle drive it closer to $1.
Short term I'm expecting a pull back to the $1.20 range. I wouldn't be surprised to see it fluctuate in this range for a few weeks as the future gets worked out. But Good news could push Sushi up quickly.
A wise sage wandering in the crazy crypto world handing out free advice that may or may not be worth the price.
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