As a seasoned researcher with years of experience navigating the ever-evolving landscape of the crypto market, I find myself intrigued by the recent surge we witnessed last week. The global crypto market’s 2.79% increase and closing with a market capitalization of $2.21 trillion added a significant $60 billion to its overall valuation.
Last week, the worldwide cryptocurrency market experienced a rebound, registering a 2.79% growth and ending with a total market value of approximately $2.21 trillion.
This surge added $60 billion to the market’s overall valuation.
While Bitcoin (BTC) spearheaded the rally, several altcoins also played a role in the market’s recovery. Below are some of the standout performers from last week:
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SUI rallies 28%
Last week saw SUI performing exceptionally well, experiencing a significant increase of 28%, moving from $1.75 to end at $2.24. The most optimistic phases for SUI occurred during the market rebound on October 11 and 12, where it peaked with a rise of approximately 21%.
Sui dropped 5.60% on Oct. 9 despite a bullish announcement involving Circle’s USDC. Currently trading at $2.2266, SUI is now above the upper boundary of the Keltner Channel at $2.2186, which indicates potential overbought conditions.
It seems likely that, given the current strength, there might be a brief pause or slight adjustment over the coming days, unless steady buying continues. With volume staying high, the bulls have an opportunity to capitalize on this trend.
Currently, the Aroon Up is at 100%, suggesting a strong uptrend, while the Aroon Down is at 28.57%. This implies a weaker downtrend. If the Aroon Down increases this week, it might signal increasing bearish pressure. Under such circumstances, SUI could potentially find support around $1.8286.
Mysten Labs, a company specializing in blockchain technology that was established by ex-engineers from Meta Platforms’ Diem (originally Libra) initiative, is responsible for developing the Sui token.
The business was initially established by well-known individuals such as Evan Cheng, Sam Blackshear, Avery Ching, and George Danezis. These key players had previously worked on Meta’s blockchain and cryptocurrency projects, later deciding to collaborate on creating Sui instead.
CHZ retests 4-month high
Last week, the digital currency known as Chiliz (CHZ) utilized the overall trends in the market to preserve its well-defined base pattern, which is referred to as a “rounded bottom.” This was achieved by consistently recording lower lows, indicating a downward trend.
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The altcoin closed the week with an 11.8% gain, but its most impressive performance occurred as notable spikes throughout the week. For instance, on Oct. 9, CHZ rallied to a 4-month peak of $0.0784 before facing a roadblock.
In simple terms, Chiliz has experienced an additional 9% increase during this week, elevating its price above the upper Bollinger Band at approximately $0.0752. A potential rebound from this point would suggest that the current upward trend remains strong and could continue for a prolonged period.
Should the bears manage to push prices beneath the upper Bollinger Band, investors need to closely monitor the 20-day Moving Average (MA) at approximately $0.0663. At present, this moving average serves as a significant support level above the $0.06 psychological zone.
Chiliz mainly concentrates its efforts on the realms of sports and entertainment. This innovative platform, conceived by entrepreneur Alexandre Dreyfus in 2018, aims to revolutionize fan interaction using the power of blockchain technology.
COIN records six bullish days
Over the past week, 8-Bit Coin (COIN) experienced six consecutive bullish days, with only one day showing a downtrend. Similar to other market players, COIN started the week off strongly, but managed to sustain its upward momentum from October 7th to 10th, even as the broader market experienced a correction.
On October 9th, the asset experienced its sole bearish day, falling by 2.78%. Since October 4th, it has been following a pattern of successively lower lows. By the end of the week, it had climbed an impressive 22%.
8-Bit Coin’s remarkable achievement lies in managing a balanced Relative Strength Index (RSI) of 56.49, even with a 22% surge over the past week. This implies that there might be potential for additional growth in its price trend.
If the bullish trend continues, the next potential obstacle for the price would be around $0.0007335. Following this, it might face resistance at $0.0008016. In light of recent declines, COIN needs to secure its important support level at $0.0006232. If it falls below this point, the trend could shift towards bearish.
8-Bit Coin is a digital currency that was developed with homage to classic gaming consoles like the Atari 7800 in mind. It functions on the Solana blockchain and is primarily designed for use within gaming-related activities, enabling users to accrue rewards and engage in a community centered around nostalgia and video game culture.
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2024-10-13 16:14