Markets
Sui token forms a bullish pattern, nears a pivotal price
Published
2 months agoon
By
adminSui, the so-called ‘Solana killer,’ has done well in the past few weeks, making it one of the best-performing tokens in the industry.
The native currency of the Sui (SUI) Network ecosystem has risen in the past four consecutive days. It was trading at $0.9820, its highest swing since Aug. 27, and jumped by over 100% from its lowest point in August.
Bitcoin (BTC) is up by 10% in the same period.
Sui’s recovery has happened in a high-volume environment. Data by CoinGecko shows that the coin’s volume in the spot market has been in a slow increase. The volume jumped to over $413 million on Saturday, Sept. 8, its highest level since Aug. 24.
Additionally, as shown below, Sui’s open interest in the futures market has risen in the last six consecutive days, and is hovering at its highest point since Aug. 13.
It stood at over $228 million, higher than last month’s low of $130 million.
Sui has also had some other positive fundamentals. Its weekly DEX volume stood at over $222 million, making it the tenth-biggest chain for DEX platforms. Its most active DEX platforms were Cetus, DeepBook, Turbos, and Kriya. Its monthly volume rose for three straight months, reaching $1.35 billion in August.
Meanwhile, a lot has been going behind the scenes. For example, SuiPlay, the first Web3-native handheld gaming device, will launch in the first half of next year. The device has opened for pre-orders with a price tag of $599.
There’s also Mysticeti, an upgrade that has led to faster settlements as it continues building a case on why it is a better blockchain than Solana.
Sui price nears a key level
Technically, Sui is nearing the psychologically-important resistance point at $1. Additionally, it has formed an inverse head and shoulders chart pattern, which is a popular bullish reversal sign.
The coin has also crossed the 23.6% Fibonacci Retracement level, turning it into a support. It has also jumped above the 50-day moving average.
Expect Sui to continue rising, with the next point to watch being at $1.1154 — its highest swing on Aug. 12 — and the 38.2% retracement point.
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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep
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13 hours agoon
November 7, 2024By
admin“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”
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Markets
Why Bitcoin Price Could Climb Even Higher After Trump Victory, According to Analysts
Published
1 day agoon
November 6, 2024By
adminAfter climbing to a new all-time high earlier this morning, the Bitcoin price has retraced only slightly after U.S. media outlets have decisively called the 2024 presidential election for Republic Donald Trump.
At the time of writing, the Bitcoin price is sitting just below $74,000 after peaking at a new all-time high of $75,358.70 very early this morning, according to CoinGecko data.
And there’s reason to believe that Bitcoin’s big year—spot ETF approvals, the fourth halving, and now Trump’s victory—could set BTC up for a very strong start to 2025, according to Samir Kerbage, CIO at crypto asset manager Hashdex.
“In the six months that followed the last three presidential elections, Bitcoin has had triple digit returns, and even larger returns over the 12-month period,” he said in a note shared with Decrypt. “This history, along with the strong outperformance that typically follows Bitcoin’s halving, ongoing institutional adoption, and the improving regulatory outlook in the US, has set this asset class up for a very strong 2025.”
But not all analysts are convinced that Trump is going to deliver on the many promises he’s made to secure support from the crypto industry.
“Over the last few months, Trump has pledged to make Bitcoin a reserve currency, fire Gary Gensler, push through crypto-friendly regulation, and more. But if he doesn’t deliver on these promises quickly, the euphoria could turn to disappointment, which has the potential to result in crypto market volatility,” wrote Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, in a note sent to Decrypt. “We have to be prepared for this because the reality is that crypto isn’t the most important issue on Trump’s current agenda.”
He’s not the first analyst to flag that Trump may not be entirely serious about putting crypto at the forefront of his policies during his second term. Earlier this week, investment research firm Bernstein shared a prediction that even though Bitcoin might have initially dropped with a Harris win that it would have still been well positioned for a strong 2025.
Meanwhile, on crypto betting platform Polymarket, the main betting pool for who would win the U.S. presidential election has already been resolved.
Polymarket CEO Shayne Coplan wasted no time celebrating the triumph of prediction markets over more traditional polls, which right up until the election were forecasting a close race while Polymarket showed Trump widen his lead.
I just got word that the Trump campaign HQ literally found out they were winning from Polymarket.
History was made today.
Surreal
— Shayne Coplan (@shayne_coplan) November 6, 2024
“Trust the markets, not the polls,” Coplan wrote on Twitter. “I just got word that the Trump campaign HQ literally found out they were winning from Polymarket. History was made today,” he said in another post.
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Bitcoin
Bitcoin (BTC), Solana (SOL) Hit New Cycle Highs Against Ether (ETH) as Trump Edges Closer to Victory in U.S.
Published
1 day agoon
November 6, 2024By
adminOver the past five years, the ratio has risen from 0.02 to a peak of above 0.08 in early 2022, meaning ETH quadrupled in value relative to BTC at the time. Since then, it’s been on decline. Even as BTC set a lifetime high, ether has yet to break through its high from 2021 and is down 46% from its peak.
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