Price analysis
Sui Price Eye 96% Hike; Is ATH Within Reach Soon?
Published
2 months agoon
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adminSui (SUI) price layer 1 blockchain, has recently experienced a notable increase in its market value. Over the last week, there has been a noticeable recovery in Sui’s price. While most cryptocurrencies have been experiencing a lateral trading pattern, SUI displays a strong bullish trend, suggesting potential for further gains.
Sui Price Soars 7% in a Week Eyeing ATH
Sui price surged impressively, rising by 15% over the past week, as market conditions improved. This growth follows the integration of the Mysticeti Consensus Protocol, which has slashed the time needed for consensus to just 390 milliseconds.
This enhancement allows for quicker transactions across the blockchain. Additionally, Grayscale has introduced its Sui Trust, giving qualified investors a new avenue to gain exposure to Sui’s market performance through a structured investment product.
Sui price surges, indicating a bullish trend in the cryptocurrency market. As of the reporting time, the SUI price hovered at $1.13, making a strong surge of more than 11.39% in the past 24 hours.
Can Sui Price hit $1.5 Soon?
According to CoinMarketCap data, the trading volume also saw a substantial increase of 70.35%, indicating heightened activity and interest in the token. With a market capitalization that has reached over $3 billion, Sui is now ranked 28th among cryptocurrencies, reflecting significant investor confidence and market momentum.
The 4-hour technical indicators for SUI on Binance show a notable upward trend. The MACD (Moving Average Convergence Divergence) is in a bullish phase. The signal line crossing above the MACD line, indicating potential for continued positive momentum.
According to Coinglass data, the Sui price has seen significant trading activity recently. The trading volume surged by 105.59% reaching $1.71 billion, while the open interest in the market also grew by 16.72% to approximately $296.60 million. This indicates a robust increase in market participation and trader interest in Sui’s financial instruments.
The layer 1 is currently experiencing significant resistance at the $1.5 mark. If the market trend turn favorable, there’s potential for the asset to climb towards $2.00. A further increase to $2.18 could match its previous all-time high from six months ago, on March 27, 2024. Such a move would represent a near 96% surge from its current position.
Frequently Asked Questions (FAQs)
Detail the factors leading to the price surge, such as the integration of the Mysticeti Consensus Protocol and the launch of Grayscale’s Sui Trust.
Describe the Mysticeti Consensus Protocol, its benefits, and its impact on transaction speeds within the Sui blockchain.
Provide information on what the Grayscale Sui Trust is, its significance, and how it allows investors to engage with the Sui market.
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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Can the XRP price realistically jump to $10 in 2024?
Published
17 hours agoon
November 25, 2024By
adminThe XRP price has staged a strong recovery this month, making it one of the best-performing top ten cryptocurrencies.
Ripple (XRP) peaked at $1.6305 last week, rising 324% from its lowest point this year and pushing its market cap to over $81 billion. This valuation surpasses major global firms like Deutsche Bank, Marriott International, and BP.
With XRP’s bullish trajectory, analysts have shared optimistic forecasts. Edo Farina, a long-term Ripple supporter, predicted in an X post that the coin could surge to $10 during this bull run.
He cited fundamental catalysts, including expectations that Donald Trump’s victory could resolve Ripple’s ongoing conflict with the Securities and Exchange Commission will be over next year.
Meanwhile, Ripple and Archax have partnered to launch a tokenized fund on the XRP Ledger, signaling renewed activity on the network
Additionally, Ripple is developing RLUSD, a stablecoin intended to compete with Tether (USDT) PayPal USD, and USD Coin (USDC).
There are also rumors of Ripple launching an Initial Public Offering (IPO) in the coming years. A January CNBC report suggested the company postponed its IPO plans due to SEC challenges, a situation that could shift next year.
Can the XRP price jump to $10?
The price of Ripple traded at $1.4381 on Nov. 25, requiring a 600% increase to reach $10. Such a move would exceed its recent performance but aligns with past trends, like its 1,800% jump from 2020 lows to its all-time high in 2021.
The weekly chart shows that Ripple broke the significant resistance level of $0.9350, the neckline of a slanted triple-bottom pattern. The coin has moved above the 50-week and 200-week Exponential Moving Averages, suggesting positive momentum. There are also indications of a bullish pennant pattern forming.
While XRP may continue climbing, potentially reaching its all-time high of $1.96 and further to $5, a leap to $10 in 2024 remains unlikely.
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Price analysis
Shiba Inu Price Eyes 76% Rally As 6.8m SHIB Tokens Burned
Published
18 hours agoon
November 25, 2024By
adminShiba Inu price has underperformed other popular meme coins in the past few days. SHIB trades at $0.000026 on Monday, where it has been stuck since November 10, as investors anticipate more upside as the burn rate rebounds.
Shiba Inu Price Likely to Rally 76% As 6.8m SHIB Burnt
One potential catalyst for the SHIB price is that the number of coins in circulation continues to drop, helped by the robust token burn. Data by Shiburn shows that the amount of these burns rose by 40% in the past 24 hours to 4.85 million.
Therefore, the number of Shiba Inu tokens has continued to drop from the original 999 trillion to 410 trillion, a figure that will continue falling in the future. The token burn is when SHIB coins are moved to an inaccessible wallet either voluntarily or from ecosystem fees to be removed from the circulating supply forever.
These token burns help to create value for existing tokens by reducing the number of coins in circulation. It is often compared to when a company executes a share buyback, which in turn increases the earnings per share.
Some of the top players in this ecosystem are ShibaSwap and Shibarium. ShibaSwap is a decentralized DEX network where people swap tokens, while Shibarium is a layer-2 network that has completed over 500 million transactions. Data on its website shows that ShibaSwap’s volume has jumped to $75 million this month, the highest level since March.
SHIB Price Analysis: Shiba Inu Bulls Prepares For Uptrend
In an X post, Shib Knight, a popular crypto analyst predicted that the SHIB was preparing for its next leg and that it looked “sendy”.
The most bullish case for the Shiba Inu price rally is a cup-and-handle pattern on the daily chart. This techncial formation contains a rounded bottom that looks like a cup, which is often followed by a minor retracement that forms the handle. Hence, the namesake.
The target of $0.000045 for this setup is obtained by measuring the depth of the cup and adding it to the neckline, connecting the cup and handle’s swing highs.
The upper side of this pattern is at $0.000030, where it has struggled to move above since May. According to this pattern, the ongoing consolidation is part of the formation of a handle section. In most periods, this pattern is one of the most bullish patterns in the market.
Additionally, Shiba Inu price has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have formed a bullish crossover. Therefore, the confirmation for the next leg up will come if the SHIB rises above the upper side of the cup at $0.000030. If this happens, SHIB could jump to $0.000045, its highest level this year, which is about 76% above the current level.
On the flip side, this Shiba Inu price prediction will become invalid if the coin drops below the key psychological point at $0.000023. A drop below that level will point to more downside, potentially to $0.0000158, its lowest point on October 25.
Frequently Asked Questions (FAQs)
It has strong technicals after forming a golden cross pattern and a cup and handle. A cross above the cup will point to more gains, potentially to the year-to-date high of $0.000045.
Odds are that the SHIB price will stage a strong rally soon. However, a drop below the support at $0.000022 will invalidate the bullish view and raise the odds of it falling to $0.00001.
Shiba Inu’s burn rate is continuing, while analysts expect the ongoing crypto bull run will continue in the near term.
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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Pi Network
Will Pi Network Price Reach $100 in This Bull Market?
Published
21 hours agoon
November 25, 2024By
adminPi Network has erased some of the gains made last week as the recent rally in the crypto industry took a breather. Still, there are chances that the Pi coin will resume its rebound, and potentially hit $100 ahead of the mainnet launch.
Pi Network Price Prepares For the Mainnet Launch
The Pi Network IoU price will be on the spotlight after the recent successful PiFest event and the upcoming ending of the KYC verification of pioneers.
In a recent statement, Pi’s developers said that over 27,000 sellers registered in the Map of Pi during the recent PiFest event. Map of Pi is a dApp in its ecosystem that enables sellers accepting the Pi coin to register themselves.
These numbers mean that the coin is getting popular among sellers, a move that could make it a better cryptocurrency compared to Bitcoin in terms of shopping. It also means that the developers have achieved one of the three conditions that needs to happen ahead of the mainnet launch. This condition calls for the network to have an ecosystem that will give the Pi coin utility.
The other condition is that the developer needs to complete the KYC verification of all miners, a process that has accelerated in the past few months. The grace period of this process will complete on November 30.
Additionally, with cryptocurrencies being in a strong bull run, the third condition of a friendly environment has been met. Therefore, there is a likelihood that the Pi mainnet launch will happen as soon as in December.
Pi Coin Analysis: Will It Hit $100?
The Pi Coin IoU, which is not associated with the Pi project, jumped to $100 in October as anticipation of the mainnet launch. It then suffered a harsh reversal and bottomed at $44.95 on November 12. This decline was notable because its lower side was slightly above the 100-day moving average, which explains why the coin has bounced back.
Pi Network’s rebound also happened a few weeks after it formed a golden cross as the 200-day and 50-day moving averages crossed each other.
The current retreat happened after the coin rose to the extreme overshoot of the Murrey Math Lines. Therefore, with the rising expectation of an upcoming mainnet launch, there are chances that the Pi coin price will bounce back, and potentially retest the important resistance at $100. A break above that level will raise the odds of the coin rising to the year-to-date high of $122.05.
On the flip side, a drop below the top of the trading range at $56.25 will invalidate the bullish view, and raise the odds of it falling to $45, its lowest level this month.
Frequently Asked Questions (FAQs)
There are chances that the coin will bounce back ahead of the mainnet launch, which is expected to happen in December this year. If this happens, the coin may retest the key resistance at $100, its highest point last month.
No. Pi coin is not associated with the real project and is not an indicator of what will happen when the mainnet launch happens.
It is unlikely that the Pi Coin will do well after the mainnet launch as evidenced by the recent crashes of Hamster Kombat and Notcoin.
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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