Among the cryptocurrencies making waves this week, SUI stands out as the top gainer. Its price has surged by 20.52% in the past 24 hours, according to CoinMarketCap, and has seen a remarkable increase of 118.82% in the past 7 days. This bullish momentum has been fueled by optimism from bull traders, particularly following the announcement by Grayscale Investments on 7th August. The launch of two new investment trusts for Sui (SUI) and Bittensor (TAO) tokens has generated excitement in the market, with the firm’s head of product & research highlighting the potential of these tokens in decentralized AI and smart contract blockchain.
Analyzing SUI’s daily price chart reveals a strong bullish trend, with the cryptocurrency trading above the 50-day EMA and an RSI of 68. It has also broken past the descending channel and is expected to consolidate between 1.1360 and 0.9710 in the short term. Bulls are aiming to retest June’s high at 1.1785, while a pullback could see SUI dropping to 0.8858 before resuming its upward trajectory.
In contrast, the cryptocurrency community is abuzz with anticipation as the countdown to Poodlana’s public debut continues. With less than 100 hours left in its presale, Poodlana has already raised an impressive $6.76 million. Positioned as a luxury meme coin inspired by the Poodle dog breed, Poodlana has garnered significant interest and is poised to become a standout listing on Solana. Investors who purchase Poodlana tokens at the current price of $0.0499 are eyeing gains as the next stage price is set at $0.0539. A modest investment of $150 could yield 3,006 tokens, with the potential for significant returns once trading begins post-presale.
Meanwhile, Bitcoin is facing resistance around the critical $60,000 level as it struggles to break through in the current trading session. Despite a slight easing of extreme fear in the market, hesitancy persists, reflected in Bitcoin’s inability to surpass key EMAs on the daily chart. The range between 57,121 and 61,925 is a crucial zone to monitor for potential price movements in the short term.
As the cryptocurrency market continues to evolve and new projects capture investor interest, the dynamics of individual tokens and their price movements will be closely watched by traders and enthusiasts alike. Stay informed about the latest developments and trends to make informed decisions in this rapidly changing landscape.