Price analysis
3 Reasons Why Sui Price Will ‘Continue To Rip’ In November
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3 weeks agoon
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adminAs November rolls in, Sui price shows no signs of slowing down. The price of SUI is on a short pullback after the entire crypto market hit a snag following the U.S. Stock market crash late October 31. The crypto market cap is down 5.3% and Bitcoin price is trading below the $70,000 price level. Despite the red markets, analysts are bullish on the price of SUI, which has skyrocketed over 400% from August 5 to October 31.
Why Sui Price is Poised to Continue Pumping In November
The price of SUI is currently trading at $1.93, which represents a 6.8% drop in the last 24 hours. From here, the asset is about 35% from its all-time high price of $2.34 before it can once again taste price discovery.
On-chain metrics are some of the strongest and signal the asset could extend its gains in the month of November. Here are three compelling reasons why the price of SUI is set to continue to rip this month.
1. Sui Network Aggregators Hit $5 Billion
Trading volume on Sui’s decentralized finance (DeFi) aggregators soared to $5 billion in October, the highest recorded ever. Cetus raked in the most volume, followed by Hop protocol, Scallop and 7K.
The surge in trading volume indicates an increase in market activity and interest which can lead to increased price volatility, as more users join the ecosystem.
Additionally, SUI token reached $150 billion cumulative monthly trading volume in October. High volume typically suggests strong momentum, and is an indicator of crypto assets that about to explode in price. In this case DeFi on the network could reach new all-time highs in November, pulling SUI price up.
2. Volume Rising, But Fees Are Dropping
This is perhaps the most compelling reason for a SUI all-time high in November. The average daily transaction fees on the network dropped while transaction volume increased throughout out the month of October. The average transaction fee in October was $0.00331, the cheapest among a majority of the blockchains.
This interesting trend suggests that the network is becoming more efficient and scalable. Lower fees can attract more users and developers to the network, potentially boosting overall activity, adoption, and price.
3. Active Accounts on Sui Top 25 Million
Sui network active account hit an all-time high of 25 million up from less than 2 million in early July. This is an exponential growth that has reflected in its price and could propel the asset to reach for higher highs this November.
On October 27, data from Artemis Analytics shows Sui saw massive inflows of funds from Ethereum, suggesting that investors are looking for greener pastures.
In the same week, the network also recorded the highest net inflows among all chains, dwarfing Ethereum, Solana and Arbitrum which came in second, third and fourth, respectively. SUI had over $20 million net inflows while Ethereum followed behind with about $10 million.
How High Can Sui Go in November?
Sui price analysis suggests that is ready to soar as high as $48 in November. The main catalyst, on top of the robust on-chain metrics, is the upcoming U.S elections next week. Already the network has PolitiFi meme coins from either party ready to explode no matter which candidate wins.
Meme coins have contributed to Solana’s impressive growth this years and in the coming weeks following the election, we could see a repeat performance from SUI.
Key levels to watch for include $2.34 resistance, which if broken could catapult price to $10, $21 and $48. Conversely, if price breaks below the parabolic curve, the asset could turn bearish, dropping to $0.60.
Frequently Asked Questions (FAQs)
Sui price could keep climbing due to strong on-chain metrics, including record trading volume and a growing number of active accounts. Additionally, recent network upgrades and low transaction fees have attracted new users, supporting price momentum.
Lower transaction fees, now averaging $0.00331, make the Sui network more accessible and efficient. This attracts more users and developers, boosting network adoption and activity, which often correlates with price increases.
Analysts are optimistic, suggesting Sui could target levels of $10, $21, and potentially $48. However, if price breaks below certain key support levels, it could face a decline toward $0.60.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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3 Tokens Ready to 100x After XRP ETF Gets Approval
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adminThe cryptocurrency market is turning bullish, with several tokens showing strong potential. Three standout coins have displayed remarkable growth, positioning themselves as prime investment opportunities. This optimism follows growing anticipation surrounding an XRP ETF approval, sparking confidence among investors. The market’s momentum suggests further gains may be on the horizon.
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This highlights the evolving crypto market dynamics, investor optimism around meme coins, and significant cryptocurrency advancements.
Dogecoin appears ready to surge as technical indicators point to a potential bullish rally in the near future. According to insights from market analysts, meme coins break out of a consolidating triangle pattern, often preceding upward price movements.
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Solana (SOL), an open-source blockchain supporting decentralized applications (DApps), has seen a significant price surge. Over the past 24 hours, the SOL price climbed 4%, reaching a new all-time high of $254. This milestone comes amid broader market gains, positioning Solana as one of the promising tokens ready to 100x following the XRP ETF approval.
Solana’s market value has risen by over 400% in the past year, reflecting robust growth. Data from Coinglass reveals heightened activity in Solana’s derivatives market, with trading volumes and open interest increasing steadily. The expanding options trading volume further underscores the blockchain’s growing appeal among investors. These metrics highlight Solana’s increasing traction in derivatives, signaling strong investor interest.
The cryptocurrency market is primed for further gains. As the XRP ETF sets a new precedent, these top tokens showcase the potential for substantial returns, making them worth monitoring closely.
Frequently Asked Questions (FAQs)
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Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pi Network
Pi Network Coin Price Surges As Key Deadline Nears
Published
5 hours agoon
November 22, 2024By
adminPi Network price rose for six consecutive days ahead of a key deadline scheduled for later this month. Can the Pi Coin sustain its momentum and retest its October high of $100?
Pi Network KYC Grace Period Is Ending
The Pi Coin IoU token has staged a strong recovery, rising to $80, which was 175% above its lowest level in September. This rally happened as the soaring cryptocurrency prices raised the expectation that its mainnet launch would happen in December.
Pi Network also surged ahead of the November 30th deadline of ending the grace period of the Know Your Customer (KYC) verification process. The KYC process hopes to verify millions of pioneers who have been mining the coin in the last six years and removing bots.
This verification is an important stage towards the mainnet launch, which is anticipated to take place in December. When it happens, all pioneers will finally be able to swap their tokens for fiat currencies and stablecoins. Pioneers who don’t complete their verification will lose all their mined coins.
The KYC is part of three things that need to happen before the Pi Network mainnet launch happens. The other one is the existence of a vibrant ecosystem, which is expected to give the Pi coin utility.
Additionally, the developers hinted that the mainnet launch or the move to the open network would happen when market conditions are conducive. This criterion has been met because most cryptocurrencies are in a strong rally and regulations are expected to be friendly under the Trump administration.
Pi Coin Price Rally Could Continue
Pi Coin is an IoU that is not affiliated with the real project and is only listed in HTX. It is often seen as a proxy for the coin, which explains why its price has jumped in the past few weeks.
On the daily chart, the Pi price jumped to $100 earlier this month after the developers confirmed that the mainnet launch was on the way. It then suffered a harsh reversal and dropped to $45 on November 12.
The coin has now bounced back and remains above the 50-day and 200-day Exponential Moving Averages. It has also rallied above the ultimate resistance of the Murrey Math Lines.
The Average Directional Index (ADX), a popular measure of a trend strength, has moved to above 60. Also, the Relative Strength shows that it has momentum. Therefore, the coin may soon jump to $100, which is about 25% above the current level. A move above that level will raise the probability of it rising to the year-to-date high of $121, 53% above the current level.
On the flip side, a drop below the strong pivot reverse point at $62.5 will invalidate the bull run and raise the odds of it falling to $45.
Frequently Asked Questions (FAQs)
The Pi Network token has rallied as the end of the six-month grace period for pioneers to KYC themselves near. It has also surged because of the ongoing crypto bull run.
The developers have committed to completing the mainnet launch this year. As such, with just a month to go, odds are that it will happen in December.
The Pi Coin IoU is a cryptocurrency traded just in HTX that acts as a proxy for the main Pi network. It is not affiliated with the real project.
crispus
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Price analysis
Rare Shiba Inu Price Patterns Hint SHIB Could Double Soon
Published
9 hours agoon
November 22, 2024By
adminShiba Inu price continues to consolidate around a key level, but two unique chart patterns point to big a move ahead. If the pattern successfull breaks out SHIB could almost double in value.
Technicals Hint Shiba Inu Price Could Double Soon
The daily chart shows that the SHIB price has formed three extremely rare patterns, that point to more upside in the coming weeks. First, the coin formed a golden cross chart pattern on October 20th as the 200-day and 50-day Weighted Moving Averages (WMA) crossed each other. The WMA is often seen as a better type of moving average because it focuses on recent data.
Second, the SHIB price has also formed a bullish pennant pattern, which is characterized by a long flagpole and a symmetrical triangle. This flagpole happened between November 4 and 12. In most cases, a bullish breakout happens when the two triangles near their confluence levels, which is about to happen.
The other pattern is a cup and handle, which has been forming since the coin peaked at $0.000030 on May 29. This pattern is made up of two peaks and a rounded bottom, followed by a consolidation or a pullback. The handle section has coincided with the triangle section of the bullish pennant.
One way to estimate the next target is to measure the distance between the upper and lower sides of the cup pattern. In this case, the distance was about 170%. As such, a conservative estimate is that the value of SHIB could double from the current level. For that to happen, it needs to rise to the key resistance point at $0.000045, 100% above the current level. It also ought to flip the year-to-date high of $0.000045 into a support.
On the flip side, a drop below the support at $0.000020, its October 29 high, will invalidate the bullish view. Such a move could push SHIB down to $0.000015.
SHIB Burn Rate Slips But Upward Trajectory Remains
A key fundamental catalyst for Shiba Inu price is its burn rate, where millions of tokens are placed in an inaccessible wallet. Data by Shiburn shows that the burn rate dropped by 96% in the last 24 hours to 352,413.
Still, despite this, the trend has been accelerating in the past few months. Over 410 trillion Shiba tokens have been burned, bringing the total tokens in circulation at 583 trillion. Shiba Inu burns happen voluntarily and from the fees collected in its ecosystem of platforms like ShibaSwap and Shibarium.
The other potential catalyst for the Shiba Inu price is the ongoing crypto bull run. If Bitcoin pierces the key resistance at $100,000, there are chances that other altcoins will continue their bullish breakout.
Frequently Asked Questions (FAQs)
Yes, there is a high likelihood that the SHIB coin will have a bullish breakout and surge in the coming weeks. It has formed a cup and handle, a bull pennant, and a golden cross.
The main catalyst for the SHIB price is its strong technicals and the ongoing crypto bull run. SHIB also has substantial volumes.
Traders are watching key points. The two notable ones are $0.000030, the upper side of the cup hand handle pattern, The other one is the year-to-date high of $0.000045.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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