Market
Can SUI Price Maintain Its Uptrend with Renewed Market Interest?
SUI price is showing signs of recovery as the indicators begin to improve. The coin is up almost 20% in the last 24 hours, but new gains could happen soon. Despite the TVL still being below $1 billion, recent inflows indicate renewed interest and engagement from users.
The BBTrend also suggests a potential shift from bearish to bullish, reflecting weakening downward pressure. Additionally, EMA lines hint at an upcoming “golden cross,” a positive signal for further upward movement.
SUI TVL Is Still Below $1 Billion
SUI’s Total-Value Locked (TVL) has reached $970 million, a major increase from $313 million on August 4.
Tracking TVL is essential for understanding the health of a blockchain ecosystem. A higher TVL often indicates greater adoption, user engagement, and liquidity. SUI’s TVL hit a record $1.1 billion on October 13 and stayed above $1 billion until October 22.
Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024
Despite now being below $1 billion, SUI’s TVL jumped by nearly $100 million in a single day, indicating renewed market interest. Such fluctuations show that users are still actively interacting with the platform, with substantial inflows that suggest confidence in SUI’s growth potential.
SUI BBTrend Appears to Be Recovering
SUI’s BBTrend is currently at -4.8. BBTrend, or Bollinger Band Trend, measures the strength and direction of a price trend based on Bollinger Bands.
A negative BBTrend indicates a bearish phase, suggesting downward pressure on price. Currently, SUI’s current level of -4.8 shows that it is still in bearish territory, but less so than in previous days.
SUI’s BBTrend has been negative since October 24, when it was as low as -15. Although still negative, it appears to be gradually recovering, decreasing from -15 to -4.8 over the past few days.
This consistent upward movement in the BBTrend indicates a weakening of bearish momentum and potential trend reversal. The recovery signals growing strength, hinting at a possible shift to a bullish phase as sellers lose control and buying interest starts to re-emerge.
SUI Price Prediction: Can It Rise 19.7%?
SUI’s EMA lines show the short-term EMAs are nearing a crossover above the long-term EMAs. This potential crossover is known as a “golden cross,” which is typically a bullish signal.
It suggests that short-term momentum is gaining strength, and buyers could be taking control, indicating an upcoming uptrend.
Read more: Everything You Need to Know About the Sui Blockchain
SUI’s immediate resistance is at $2.16. If this level is breached, the coin’s price could continue rising to $2.36, representing a potential 19.7% gain. However, if the uptrend fails to establish, SUI may face a downtrend and test support levels at $1.74 and possibly $1.60.
Breaking below these support levels could lead to more bearish pressure, so holding above them is crucial to maintaining positive momentum.
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
Trump Taps Pro-Crypto Scott Bessent for Treasury Secretary Role
Donald Trump, the President-elect of the United States, has nominated Scott Bessent as Treasury Secretary for his administration. This decision has generated enthusiasm in the emerging industry due to Bessent’s pro-crypto reputation.
Bessent and Cantor Fitzgerald CEO Howard Lutnick had been considered strong favorites for the position. However, Lutnick was eventually nominated as Commerce Secretary.
Crypto Industry Welcomes Scott Bessent’s Nomination for Treasury Secretary
In a November 22 announcement on Truth Social, Trump praised Bessent as the ideal candidate to support his administration’s economic goals. The President stated that Bessent will play a pivotal role in strengthening the US economy, fostering innovation, and maintaining the dollar’s status as the global reserve currency.
“Scott will support my policies that will drive US competitiveness, and stop unfair trade imbalances, work to create an economy that places growth at the forefront, especially through our coming world energy dominance,” Trump added.
Wall Street veteran Bessent, who founded the international macro investment company Key Square Group, brings extensive experience to the role. He had previously served as the chief investment officer for the prominent investor George Soros.
While President Trump’s announcement did not directly reference cryptocurrencies, many in the digital asset space view Bessent’s appointment as a positive sign. In past statements, Bessent has described crypto as a symbol of financial freedom. He also called Bitcoin an alternative investment for younger investors disillusioned with the traditional financial system.
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom in the crypto economy is here to stay,” Bessent stated.
His pro-crypto stance has led many to believe his leadership could encourage a more balanced approach to digital asset regulation. This would contrast with the outgoing administration’s enforcement-heavy tactics, such as its controversial sanctions on decentralized platforms like Tornado Cash.
Indeed, crypto industry leaders have responded enthusiastically to Bessent’s nomination. Ripple CEO Brad Garlinghouse commended Bessent’s nomination, calling it a win for innovation. He noted that Bessent’s leadership could mark a turning point for crypto-friendly policies in Washington.
Similarly, Kristin Smith, CEO of the Blockchain Association, highlighted the importance of Bessent working with Congress to establish clear regulations, ensure fair tax treatment, and protect self-custody rights for digital assets.
“Critical to this nomination would be working with Congress on a regulatory framework for digital assets, protecting the right to self custody, pushing for clearer tax treatment of digital assets, and working closely with industry experts to protect our nation’s security,” Smith remarked.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will the Cardano Coin Price Rally Continue?
ADA, the native coin of the Cardano blockchain, has made a significant price breakthrough. It has surpassed the $1 mark for the first time in two years. As of this writing, the altcoin trades at $1.09, a price level last observed in April 2022. `
Over the past 24 hours, ADA’s price has rocketed by 24%, and its trading volume has increased by 131% during the same period. With heightening buying pressure, the Cardano coin price rally is poised to continue.
Cardano Holders See Green
Cardano’s ascent above the $1 price mark has put many of its holders in profit. According to IntoTheBlock’s Global In/Out of the Money indicator, 3.15 million addresses, which comprise 71% of all ADA holders, are “in the money.”
An address is said to be “in the money” if the current market price of the asset it holds is higher than the average cost at which the address acquired those tokens. This means the holder would profit if they sold their holdings at the current market price.
Conversely, 715,230 addresses, which comprise 16% of all ADA holders, are “out of the money.” These addresses would incur a loss if they sold at the current price. Per IntoTheBlock’s data, this cohort of investors acquired their coins when ADA sold above $1.40.
Notably, with many addresses now holding unrealized profits, long-term holders (LTHs) of ADA are repositioning, potentially to secure gains. This activity is reflected by the spike in ADA’s age-consumed metric, which, per Santiment’s data, skyrocketed to a monthly high of 86.91 billion on November 22, when the uptrend began.
This surge is notable because long-term holders rarely move their coins around. When they do, it often hints at a shift in market trends. Therefore, as in ADA’s case, if the spike is accompanied by increased trading volume and positive price action, it suggests that long-term holders are taking profits. This may fuel further price increases as new buyers enter the market.
ADA Price Prediction: The Upward Trend Is Strong
On the daily chart, ADA’s Aroon Up Line is at 100%. The Aroon indicator measures the strength and direction of a trend. When the Aroon Up line is at 100%, it indicates a strong upward trend, suggesting a recent high and a potential continuation of the bullish momentum.
If this holds and new demand continues to enter the market, the Cardano coin price rally will continue toward $1.24, a price high it last reached in March 2022.
On the other hand, if profit-taking intensifies and buying pressure weakens, ADA’s price may fall to retest support at $1. Should this level fail to hold, the downtrend will be confirmed, and ADA’s price will plunge to $0.85.
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
ADA Sights More Growth After Breaking $0.8119
My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.
One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.
I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.
I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.
I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.
-
Market23 hours ago
3 altcoins that could go ballistic if Bitcoin (BTC) crosses $120,000 mark
-
Regulation15 hours ago
US SEC Commissioner Jaime Lizárraga to resign in January
-
Market24 hours ago
Cardano Whales Accumulation Hits $55 Million: $1 Target Soon?
-
Altcoin23 hours ago
Dormant Ethereum Whale Dumps $224M Tokens, Has ETH Price Topped?
-
Altcoin21 hours ago
Deribit To Integrate Ethena USDe As Crypto Margin Collateral
-
Market20 hours ago
Gensler’s Exit, Bitfinex Hack, Bitcoin in the US
-
Blockchain19 hours ago
Sui and Franklin Templeton Team Up To Drive DeFi Adoption: Details
-
Market19 hours ago
Altcoins Trending Today — November 22: MYTH, MAD, MODE