Market
How Will the Altcoin Fare After Token Unlock?
Layer-1 blockchain Sui (SUI) is set to unlock 64 million tokens on October 1, representing 2.40% of the total circulating supply. As the crypto community eagerly awaits the release of these tokens, SUI is experiencing heightened investor interest.
Although token unlocks usually cause high volatility and sometimes price decline, this analysis highlights why SUI’s price might not experience a massive drawdown and the rationale for predicting a much higher value after the event.
Sui Is Set to Release 64 Million Tokens, Volume Jumps
SUI’s price has increased by 115% in the last 30 days, most of it due to Grayscale’s decision to launch the SUI Trust. Besides this, the project’s Total Value Locked (TVL) has reached a new all-time high, indicating increased confidence in the altcoin’s potential.
Meanwhile, on Tuesday, October 1, the project will unlock 64.19 million tokens, valued at over $100 million. Token unlock is a process by which previously restricted coins are released into circulation.
Most times, this supply shock comes with high volatility. However, on the daily chart, the Bull Bear Power (BBP), which measures the strength of buyers and sellers, reveals that the bulls are in control.
Read more: Everything You Need to Know About the Sui Blockchain
As such, buying pressure is most dominant, suggesting that SUI’s price could jump higher than $1.73. Furthermore, Sui’s volume has also increased to $862.48 million.
Generally, increasing buying volume will push a cryptocurrency’s price higher. But for that to continue, the volume must climb. However, if the volume declines as the price rises, then the uptrend might become weak, and a potential reversal could be next.
In SUI’s case, the price has increased by 5% in the last 24 hours and the volume rose by 122% within the same period. As such, the toke might experience a continued rally.
SUI Price Prediction: Bears Do Not Have a Chance
A further look at the daily SUI/USD chart shows that the altcoin continues to show remarkable strength. However, traders need to watch out for the $1.90 region, which is historically a crucial level for SUI’s price.
For example, when SUI’s price attempted to hit $2 in February, it experienced a push bask as soon as it reached $1.90. Currently, the altcoin is approaching the same zone. But with buying pressure present, it is likely to breach the region.
In addition, the 20-day Exponential Moving Average (EMA) remains above the 50 EMA. This indicates that the bullish setup is still in place, and SUI’s price can continue to appreciate.
Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024
If buying pressure helps SUI surpass the $1.90 resistance, the token may rise to $2.10. However, a wave of profit-taking could drive its value down to $1.45, invalidating the bullish prediction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Price Back at Support: Can It Avoid a Breakdown?
Bitcoin price started a fresh decline below the $65,000 level. BTC is now testing the $62,850 support zone and might start another increase.
- Bitcoin is correcting below the $65,500 zone.
- The price is trading below $65,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $62,500 support zone.
Bitcoin Price Revisits Support
Bitcoin price started a fresh decline from the $66,000 resistance. BTC broke the $65,000 and $64,500 support levels to move into a short-term bearish zone.
The price even dipped below $63,500. A low was formed at $62,883 and the price is now consolidating losses. The price is now trading below the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.
Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $63,500 level. There is also a connecting bearish trend line with resistance at $63,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $64,500 level. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $62,833 low.
A clear move above the $64,500 resistance might send the price higher. The next key resistance could be $65,500. A close above the $65,500 resistance might spark more upsides. In the stated case, the price could rise and test the $66,200 resistance level. Any more gains might send the price toward the $68,000 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,000 level.
The first major support is near the $62,850 level. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,200 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,850, followed by $62,500.
Major Resistance Levels – $63,500, and $64,500.
Market
3 Winners as US Elections Approach
The US presidential election is scheduled for November 5. With October already here, meme coins tied to the top 3 presidential candidates, dubbed “PolitiFi meme coins,” have seen explosive growth amid the heightened political climate.
Among them is MAGA (TRUMP), which the meme coin community built in favor of former President Donald Trump. The other two include Kamala Horris (KAMA), which supports current Vice President Kamala Harris, and lately, Jeo Boden (BODEN), a token initially deployed when current President Joe Biden was still in the race.
MAGA (TRUMP)
Two weeks ago, PolitiFi meme coins plummeted to their lowest points in seven months. MAGA (TRUMP), which is reflective of Donald Trump’s Make America Great Again campaign, also felt the heat during that period.
But in the last seven days, TRUMP’s price has increased by 75.60% and currently changes hands at $3.19. This renewed rally is linked to the speculation that the US presidential candidate may start mentioning crypto in their campaign even though they’ve avoided it in past debates.
According to the 4-hour chart, the recent resurgence was also validated by the golden cross on September 26. For context, a golden cross occurs when the shorter Exponential Moving Average (EMA) crosses above the longer one.
As seen below, the 20 EMA (blue) had crossed over the 50 EMA (yellow). Apart from that, the Relative Strength Index (RSI), which measures momentum, is now above the signal line and reinforces the bullish thesis.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Should this remain the same, TRUMP’s price could breach the overhead resistance at $3.40. If that happens, the meme coin’s value might climb to $4.11 before the US elections come in full force.
However, if Trump’s chances of winning the election drop significantly in the coming weeks, this forecast might not happen. Instead, the token might decline to $2.35 if it fails to hold the support line at $2.82.
Kamala Horris (KAMA)
KAMA’s price is currently $0.0087, representing a 68.50% increase within the past week. The meme coin initially plunged to $0.0053 on Thursday, September 26. But since Kamala Harris reportedly displayed commitment toward crypto expansion, the token has been rising.
Despite significant gains, the 4-hour chart suggests KAMA’s price may face challenges in maintaining its upward trend. This is primarily due to the Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD), both momentum indicators, turning downward.
As such, KAMA might experience a pullback as it attempts to hit $0.0090. If the meme coin does not break above this point, a decline could be next.
In that scenario, KAMA’s price could decrease to $0.0075. Increased buying pressure and rising support for Kamala Harris on the outside could change things for the better. Should that happen, KAMA could erase one zero and climb to $0.011.
Jeo Boden (BODEN)
Jeo Boden was a trending PolitiFi meme coin and registered notable upswings earlier in the year. However, after President Joe Biden dropped out of the race, BODEN’s price crashed.
Things are starting to change again, especially as the token increased by 62% in the last seven days. This uptrend suggests that, even though Biden is no longer a candidate, BODEN could remain a notable force among PolitiFi meme coins.
As of this writing, BODEN’s price is $0.0092. Based on the 4-hour chart, the Bull Bear Power (BBP) had hit higher green histogram bars. The BBP measures the strength of buyers to sellers. When it increases, buyers (bulls) are in control, and the price might increase.
Read more: Best Crypto To Buy Now: Top Coins To Keep an Eye on in October 2024
Conversely, a negative reading of the BB suggests that bears (sellers) are dominant. Considering the current condition, BODEN’s price could be set to climb to $0.011. Retracement to $0.083 might, however, happen if buying pressure decreases.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Price Could Regain Momentum: Is an Upswing Coming?
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