SUI, EIGEN, GMT: Top 3 cryptocurrencies to watch this week

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and fluctuations. Last week was no exception as the cryptocurrency market danced to the Christmas tune, with volumes taking a dip but still managing to keep us on our toes.

Looking ahead to this week, there are three coins that I believe are worth keeping an eye on – Sui (SUI), EigenLayer (EIGEN), and StepN (GMT). Let’s dive in!

Starting with SUI, the coin is set to unlock a significant amount of tokens this coming Tuesday. With over $138 million worth of SUI tokens hitting the market, it could potentially lead to some interesting movements in the price. The current chart shows that while SUI has dipped below its 50-day moving average, it has also formed an inverse head and shoulders pattern, suggesting a potential rebound in the coming days.

Moving on to EIGEN, another coin worth monitoring this week due to a massive unlock scheduled for Tuesday as well. With $80 million or 1% of the total supply being released, it could bring about some changes in the market dynamics. The current chart shows that EIGEN has taken a bearish turn, but keep an eye out for a potential bullish breakout above the descending trendline.

Lastly, GMT is another coin to watch this week due to its upcoming token unlock on Saturday, January 4th. With $16.4 million worth of tokens being released, it could lead to some volatility in the price. The current chart shows that while the path of least resistance seems to be downwards, a bounce back is possible as traders may buy the dip.

In closing, as we venture into this new year, remember that the market can sometimes feel like a rollercoaster ride – it’s important to always buckle up and enjoy the journey! And as they say, “the only way to make money in stocks is to buy and then wait,” but for cryptocurrencies, you might need to add “and hold your breath”!

Last week, cryptocurrencies were tense due to a decrease in trading activity caused by the festive season of Christmas.

Bitcoin (BTC) almost reached the $100,000 mark due to the Santa Claus rally, but subsequently, the pace slowed down causing it to drop beneath $95,000.

Keep an eye on SUI (Sui), which could be a leading cryptocurrency this week, given that the Sui Foundation is releasing additional tokens. Additionally, it’s wise to keep tabs on EigenLayer (EIGEN) and StepN (GMT) as they are also worth observing.

Sui

Based on DeFi Llama’s data, approximately $138 million worth of Sui tokens will become accessible on Tuesday. These tokens are part of a series of monthly releases that will continue until September 2069, at which point the total supply will reach 10 billion.

In simpler terms, the four-hour graph indicates that the price of SUI reached a high of $4.9536 this month before falling to its current level of $4.2. Even though it’s now below its 50-day moving average, an inverted head and shoulders pattern suggests a possible price increase in the near future.

A possible factor contributing to the recovery is the January Uptick, a phenomenon where many investments tend to increase during the first month of the year.

EigenLayer

This week, EigenLayer, a leading cryptocurrency, has drawn attention due to a significant event taking place on Tuesday. The platform, known for operating the largest re-staking services, is set to release tokens valued at approximately $80 million or about 1% of its total supply.

That unlock will bring the total unlocked tokens to about 28%. 

As an analyst, I’ve observed a significant downturn in the value of EIGEN token. Initially, it reached a high of $5.6 in December, but subsequently plunged into a bear market, dropping by about 40% to its current price of $3.42. The coin has dipped below both the 61.8% Fibonacci Retracement level and the 25-day moving average. Furthermore, it’s exhibiting a descending triangle pattern with the lower boundary at approximately $3.31.

It’s possible that EIGEN may experience a downtrend leading to a breakout near the $3 mark, indicating a bearish outlook. However, if it manages to break through its descending trendline, this could signal further upward momentum.

GMT

This week, attention will shift towards GMT as well, with a scheduled release of tokens valued at approximately $16.4 million. This event corresponds to 1.5% of the company’s total shares available for trading. The token release is set for this coming Saturday, January 4th.

On Friday, the GMT price surged dramatically, peaking at $0.2500, before undergoing a significant downturn that led it to its current level of $0.177.

The asset has shifted to the powerful, turning, reversal stage of Murray’s M-Lines, as the Relative Strength Index (RSI) has dropped from an excessive overbought state at 90 to its present 50.

As the trend for GMT points towards a decline, it might rebound due to traders taking advantage of the price drop. If that occurs, a key level to keep an eye on would be around $0.2075, which marks the upper boundary of its trading range.

Here are some other intriguing digital currencies to keep an eye on this week: Cetus Protocol, Chiliz (Chezar), and Maverick Network.

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2024-12-29 17:38