SUI is off to a good start on Thursday. Following a significant shift in the general crypto market sentiment, the surge of the previous day continues.
The crypto market has seen a notable increase over the last 24 hours. Major assets like Bitcoin and Ethereum were not exempt from the recoveries. A few hours ago, the apex coin reclaimed the $97k. ETH edged closer to the $2,800 resistance.
The fear and greed index improved slightly between Wednesday and Thursday. Moving up by 3 points, it is a testament to the growing bullish sentiment across the market. The global cryptocurrency market increased by almost 2% in the last 24 hours.
POTUS recently reiterated promises to improve crypto regulation and make the US the Crypto capital of the world. While it comes as no surprise, several assets are on the rise.
SONIC, formerly FTM, received fresh boosts from its rebrand. Investors expressed belief in the asset’s prospect, and as a result, its TVL surged to $500 million. Prices have since responded with notable increases in the last 48 hours.
Social media is abuzz with discussions about the crypto market’s next direction. Let’s see how some assets in the top 20 are currently performing.
ADA/USD
Cardano currently prints its second consecutive green of the week. The coin recovered from a massive decline it had on Tuesday. ADA opened that session at $0.80 and dipped to a low of $0.73. It had a slight recovery but lost almost 7%.
The coin had another rebound on Wednesday and closed with gains of almost 3%. It prints another green candle on Thursday but grapples with significant selling pressure. The candle representing the current day’s action shows a small wick sticking out, indicating a slight increase in selling pressure.
Investors pay close attention to prices as uncertainty looms over its next direction. Nonetheless, indicators are fairly bullish.
The bollinger band shows the asset gearing up for a massive breakout. The upper and lower bands are closing in on each other, and ADA sees lesser volatility. ADX remained positive amid Tuesday’s declines. The metric started its downhill movement in response to Cardano’s price surge. The downtrend is ongoing at the time of writing.
TRX/USD
Tron has seen less volatility since the start of the week. Monday started less impressively, as the asset slightly retraced. It dipped further the next day but rebounded. Further attempts at continuing the uptrend on Wednesday yielded minimal results.
The average directional index is trending downward as the coin sees further downtrends. The slight increases over the last fourteen days failed to alter the metric’s direction, indicating a strong selling sentiment.
Nonetheless, the bollinger band is shrinking in reaction to the declining volatility. Data from Coinmarketcap shows that a contributing factor to the ongoing trend is a drop in trading volume. The numbers of buys and sells dropped by over 34% in the last 24 hours.
The readings from Bollinger’s band suggest an impending breakout. However, the asset remains rangebound, trading between $0.25 and $0.23. The Fibonacci retracement levels point to notable demand concentration at the 78% fib level.
LINK/USD
Chainlink is seeing more price increases at the time of this writing. Data from CoinMarketCap shows that a significant increase in trading volume is fueling the ongoing uptrends.
The relative strength index indicates a notable spike in buying pressure. The metric rose from 38 to 40 in the last 48 hours. This is the same reading on the accumulation and distribution chart, indicating that the bulls are absorbing the excess supply.
The moving average convergence divergence shows the cryptocurrency in a bullish state. The 12-day EMA may fully intercept the 26-EMA in the coming hour, and divergence may follow shortly after.
Previous price movements indicate that LINK held the $17.4 support but grappled with notable selling congestion around $20. The bears may maintain this trend, staging selloffs at the highlighted mark.
XLM/USD
Stellar lumen had one of its most significant surges on Wednesday. It opened trading at $0.323 and surged as buying pressure spiked. The cryptocurrency peaked at $0.342 but closed a little lower, with gains exceeding 5%.
XLM is seeing notable resistance to its uptrend at the time of writing. It recovered from a slight decline to $0.33 and edged closer to the $0.35 barrier. However, it’s currently trading close to its opening price.
The relative strength index indicates that the bulls are slightly edging. It is slightly higher than it was during the previous intraday session.
The Fibonacci retracement level shows that the cryptocurrency is trading above its 61% fib level. It edges closer to retesting the 50% fib at $0.36.
SUI/USD
Sui uptrend enters day 2. It has had notable increases since investors exhibited renewed interest in it. CoinMarketCap indicates a significant increase in trading over the last 24 hours.
SUI retraced and retested the $3 support. It rebounded as it met buyback and peaked at $3.26. The altcoin gained over 5% during the session.
The uptick is ongoing, with the coin reclaiming a lost level. It opened the day at $3.21 and trades at $3.45 at the time of writing. It edges closer to breaking the $3.50 barrier. Previous price movement hints at an impending flip. Nonetheless, Sui may struggle to break the $3.75 resistance.
MACD remains positive, with the 12-day EMA continuing upward. The spike in buying pressure is significant, as indicated by the rising RSI.
AVAX/USD
Avalanche sees further uptrends following its slight recovery during the previous intraday session. It rebounded from its two weeks but struggled to surge significantly.
The hike is ongoing, and cryptocurrency is seeing a significant price change. Its trading volume grew by over 14% in the last 24 hours, indicating renewed interest in the asset.
The notable shift in market sentiment saw AVAX peak at $25.3 a few hours ago. It experienced significant corrections and trades at $24.8. Currently up by almost 5%, RSI suggests the continuation of the uptick.
The Bollinger band currently shrinks as the cryptocurrency sees less volatility. Nonetheless, MACD continues printing buy signals.
