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SUI Price Target $1 Breakout as AUSD Stablecoin Drives Network Activity

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4 months ago

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SUI price surged over 5% to $0.935 during the Sunday trading session. Along with the general market uptick, the bullish momentum in SUI price can be attributed to the recent launch of stablecoin AUSD and TVL growth. Will buyers invalidate the September market correction for a bullish breakout from $1?

SUI Price Rebounds as AUSD Stablecoin Launches

The layer one blockchain Sui has officially launched its native stablecoin, AUSD, which is designed to enhance DeFi operations on the platform. Built through the collaboration of Nonstop Finance, the AUSD stablecoin offers users a more secure and decentralized asset for DeFi transactions, borrowing, and lending. 

This launch marks a significant milestone for Sui’s expanding ecosystem as it strengthens its position in the decentralized finance space. Introducing AUSD is expected to bring greater liquidity and financial stability to projects built on the Sui network.

Amid the development, the SUI price regained $0.8 support and witnessed a notable spike in Total value locked. According to DefiLlama, the SUI TVL surged to $641 Million, signaling an increase in capital inflow and investors’ confidence in this project.

SUI Price Set for Major Breakout from Inverted H&S Pattern

In the daily chart, the SUI price action reveals an underlying shift in bullish momentum, revealing a trend-reversal pattern. With an overhead-resistance trend line, the SUI price action shows an inverted head-and-shoulder pattern while taking constant rejections from the 200-day EMA. 

Amid the market uncertainty, the SUI token shows a solid bullish foundation at $0.5728. This sudden increase of bullish momentum resulted in a V-shaped reversal and a bullish continuation above $0.80. 

Currently, the SUI price action reveals three bullish candles accounting for a price jump of 20% and is currently trading at $0.9264. With an intraday gain of 5%, altcoin is challenging the declining 200-day EMA as it surpasses the 50-day EMA. 

A potential breakout with daily candle closing will accelerate the bullish momentum to drive a rally past $1 and target $1.43, followed by $1.72.

The daily RSI line reveals a positive trend sustaining above the halfway line as it approaches the 60% mark. 

SUI PriceSUI Price
SUI/USDT -1d Chart

Based on the price action levels, the crucial resistance levels are present at $0.9656 and $0.8728, followed by the $1.001 psychological mark near the overhead-resistant trend line and $1.43. On the bottom side, the $0.80 and $0.5728 are crucial support levels.

Frequently Asked Questions (FAQs)

The AUSD stablecoin, launched in collaboration with Nonstop Finance, enhances DeFi operations on the Sui platform

The recent surge in SUI price, which climbed over 5% to $0.935, can be attributed to the launch of the aUSD stablecoin and a significant increase in Total Value Locked (TVL)

The SUI price action reveals an inverted head-and-shoulders pattern, indicating a potential breakout.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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Bitcoin price

3 Key Metrics That Hint Bitcoin Price Will Hit $100K Soon

Published

3 hours ago

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December 24, 2024

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After crashing nearly 15% Bitcoin has spent nearly a week below $100K and BTC currently trades at $94,124. Despite the brutal crash and sideways movement when will Bitcoin price hit $100,000? This article explores three key on-chain metrics that suggest that BTC is preparing for a strong bounce.

In the previous article, CoinGape explore three reasons why Bitcoin price crash will end soon. This article explores why BTC should bounce soon and revisit the historic $100K level.

3 Key Metrics That Could Propel Bitcoin Price to $100K

According to Santiment, on-chain data provider, the Network Realized Profit/Loss (NPL) indicator saw a spike to roughly 106K & 100K on December 19 and 20, respectively. This profit-taking suggests that investors panic sold. Hence, the chances of a further drop due to spike in selling pressure.

BTC NPLBTC NPL
BTC NPL

Further supporting this thesis is the 30-day MVRV (market value to realized value) ratio has dipped below zero and sits at -4.77%. Between 5% to 10% is where BTC formed a bottom in the past two months. The fact that BTC’s 30-day MVRV is sitting in the opportunity zone suggests that a reversal is likely in the next few days.

BTC price vs. 30-day MVRV BTC price vs. 30-day MVRV 
BTC price vs. 30-day MVRV

Lastly the supply distribution metrics show that whales accumulated 30,000 BTC since the ATH. These wallets that hold 100 to 1,000 BTC have shown resilience despite the short-term correction and hints that investors are bullish on the last few days of 2025.

BTC Whale Supply DistributionBTC Whale Supply Distribution
BTC Whale Supply Distribution

All in all, the outlook for Bitcoin price looks bullish and a potential drop here is highly unlikely. Even if there is a drop, it should stabilize around $90K. As mentioned in yesterday’s Bitcoin article, the drop is likely going to reverse soon and kickstart a consolidation or a reversal.

Furthermore, the quarter four is generally bullish according to historical price action, which adds credence to what technicals and on-chain metrics are showing. Therefore, the ongoing downtrend is unlikely to continue and a potential bounce could be coming up soon.

Frequently Asked Questions (FAQs)

The three metrics are: Network Realized Profit/Loss (NPL) indicator, 30-day MVRV ratio, and supply distribution metrics showing whale accumulation.

The 30-day MVRV ratio has dipped below zero, indicating that a reversal is likely in the next few days, as it has formed a bottom in the past two months between 5% to 10%.

Whales accumulating 30,000 BTC since the ATH indicates investor bullishness and resilience despite the short-term correction, suggesting a potential bounce.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

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

Here’s why Stellar Price Could Go Parabolic Soon

Published

1 day ago

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December 23, 2024

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Stellar price plunged in the last three weeks due to a risk-off sentiment brought forth by Fed’s interest decision for 2025. The XLM price has formed a falling wedge pattern and found support at the 50-day moving average, indicating an eventual comeback as investors buy the dip.

Stellar Price Technical Analysis: Falling Wedge Forms

The Stellar Lumens coin fell sharply and formed a few lower lows and lower highs as Bitcoin and most altcoins crashed. This decline has seen it form a falling wedge chart pattern, which is made up of two falling trendlines. The upper trendline connects the highest level on December 2 and 17, while the lower lines link the lower lows since November 26.

A falling wedge is a highly popular reversal sign. In most cases, this reversal happens when the two lines are nearing their confluence levels, which is about to happen.

Another bullish case is that the XLM price has found support at the 50% Fibonacci Retracement level. This retracement links the lowest and highest levels in 2024.

Further, the Stellar price seems to have completed its mean reversion, which explains why it crashed in the past few days. Mean reversion is when a cryptocurrency or a stock return to its average price. In this case, it has found substantial support at the 50-day moving average, where it has failed to drop below in the past two consecutive days. 

XLM price has also found support near the lower side of Andrew’s pitchfork tool. Therefore, the coin will likely have a strong bullish breakout in the coming days. If this happens, it may rally and retest the psychological point at $0.50, which coincides with the 23.6% retracement level. 

Stellar Price ChartStellar Price Chart
Stellar Price Chart

Stellar Lumens price’s bullish view will become invalid if the coin slips below last week’s low at $0.3125. Such a drop will see it drop to the psychological level at $0.30.

XLM Price Has Bullish Fundamentals

Stellar Price has some bullish fundamentals that could push its price higher in the next few weeks. The first big thing is that Stellar and Ripple are often seen as ‘cousins’ since they target the payment industry. Also, Stellar’s founder, Jed McCaleb, is one of Ripple’s founder.

Stellar and Ripple are Stellar and Ripple are
Stellar and Ripple are “cousins”

Therefore, Ripple’s performance could benefit the XLM price as it has previously done. As we wrote earlier, analysts are optimistic that the XRP price will skyrocket by 60% if the SEC approves a spot XRP fund. Another analyst expects the Ripple price to surge to $4 as Binance transactions rise.

Further, Stellar’s network is doing relatively well as the DeFi total value locked stages a slow recovery. DeFi Llama data shows that the Stellar Network had a TVL of over 135 million XLM, higher than last week’s low of 112 XLM. 

Therefore, a combination of strong fundamentals and technicals may help the Stellar price rebound in the near term.

Frequently Asked Questions (FAQs)

Stellar lumens has retreated because of the ongoing crypto sell-off. Bitcoin and other cryptocurrencies like Ether and Solana have all plunged hard.

The XLM token may rebound to at least $0.50 because the falling wedge chart pattern works out well. Besides, it has already completed the mean reversion pattern.

Stellar price has strong fundamentals, including its similarity with Ripple and its growing ecosystem in the DeFi industry.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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

Can Pi Network Price Triple Before 2024 Ends?

Published

2 days ago

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December 23, 2024

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Pi Network price has seen a rally of 10% amid a market resurgence over the past 24-hours. The PI price could potentially 3x before the year 2024 concludes, supported by strengthening technical indicators and the market recovery. However, rising volatility remains a critical factor to monitor closely. The recent bullish rally highlights growing investor confidence, suggesting Pi Network might continue its upward momentum in the coming months.

Will Pi Network Price 3x By End of December?

The Pi Network price is currently hovering above $48, recording a notable surge within the past 24-hours, fueled by growing excitement around its forthcoming mainnet launch. This milestone transition, set for December 31, 2024, could potentially redefine the project’s trajectory and expand its utility. 

Since its inception in 2019, Pi Network has attracted significant attention for its unique approach to cryptocurrency mining and community-driven growth. The shift from testnet to mainnet marks a pivotal development, enabling users to migrate their Pi coins to a fully operational blockchain.

With the mainnet’s launch, the ecosystem aims to unlock complete functionality, paving the way for real-world transactions and token trading. The move could solidify Pi Network’s place among notable blockchain projects.

The broader crypto market recovery, highlighted by Bitcoin hovering above $97,000, has added 

to the bullish sentiment. As Pi Network prepares to unveil its open mainnet, market analysts speculate its price could triple, bolstering optimism among investors and users alike.

PI Price Gains Momentum, Eyes Key Resistance Levels

The PI price has experienced notable movement, reflecting growing market interest. As of the latest data, the token is trading at $47.43, marking a 4.52% increase on the day. Analysts are closely monitoring the token’s trajectory within its established ascending channel.

The chart highlights a critical resistance at the $67 level, which has historically acted as a turning area for the token. Breaking this level could propel the price further into bullish territory. 

However, failure to sustain momentum might lead to a pullback toward the channel’s midline.

The histogram of MACD is seen to go upward insignificantly which is signal for a cautious optimism. Yet the RSI is neutral 47.89 implying that the tape could still trend higher or cast a pause.

The upper boundary of the ascending channel near $184 is being eyed as a potential long term target of market participants. Levels above this would mean a 254.80% rally from current prices. Support on the flipside comes in near $44, just above the channel’s lower boundary. This trend indicates strong market activity as traders weigh the token’s potential in the coming months.

Source: TradingView

Pi Network Price rally reflects huge investor confidence with upcoming significant milestones. Despite the challenges, its forthcoming mainnet launch could lead its price to multiply up to three times before 2024 ends.

Frequently Asked Questions (FAQs)

Analysts speculate it could, given bullish market sentiment.

Scheduled for December 31, 2024.

It transitions Pi to a fully operational blockchain for real transactions.

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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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