Bitcoin’s Restraining Influence on Altcoins

Bitcoin’s market control has been on the rise in recent weeks, maintaining over 60% dominance. Consequently, many altcoins have experienced a dip in their prices. If this trend persists, Bitcoin could continue to attract more investments, putting a strain on altcoins. Regardless, leading altcoins such as XRP, Sui, and PENGU could potentially overcome this and achieve new all-time highs in the week ahead.

XRP Price Outlook

XRP recently approached its all-time high, reaching over $3.60. However, the euphoria was short-lived due to massive outflows from a wallet associated with Ripple co-founder Chris Larsen. Investors were cautioned about potential “exit liquidity” after Larsen transferred 50 million tokens to exchanges. He currently holds approximately $9 billion in tokens.

If concerns about an XRP sell-off diminish, the XRP price might attempt to retest its $3.6 resistance level. At the time of writing, XRP is trading at $3.4, having increased by over 5.5% in the last 24 hours. The RSI level is currently rising, moving towards the midpoint. If buying pressure continues and XRP exceeds $3.6, it could establish a new ATH next week. However, failing to remain above the EMA20 trend line on the 4-hour chart might dampen the chances of a new ATH.

Sui Price Outlook

SUI has successfully surged above the $4.2 resistance level, and the bulls have managed to keep the price above this breakout level, indicating that buyers are trying to convert the $4.2 level into support. As of now, SUI is trading at $4.3, having risen by over 13% in the last 24 hours. If the price breaks above immediate Fib levels, the SUI/USDT pair could sustain its upward trajectory, potentially taking the SUI price to its previous ATH of $5.35.

Despite the bullish trend, the overbought level on the RSI suggests potential for a correction or consolidation in the near term. If the price dips and closes below $4, the pair could decline to the 20-day EMA.

Pudgy Penguins Price Outlook

The PENGU price is currently caught in a tight battle between buyers and sellers around the $0.045 mark. If the price drops and closes below the EMA20 level, sellers might push it down to $0.036. But if the price rebounds strongly from $0.046, it would suggest that buyers are purchasing at resistance levels. In that scenario, they are likely to attempt a breakthrough of the ascending resistance line at $0.051. If they succeed, the Pengu price could hit a new ATH next week.

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After reaching a new all-time high of over $123,000 on July 14, Bitcoin found itself in a consolidation phase. Over the next ten days, it hovered around $118,000 with brief breakout attempts in both directions. However, the balance was tipped in favor of the bears on Thursday evening when Galaxy Digital began liquidating large quantities of BTC. Consequently, Bitcoin’s price plummeted from over $119,000 to a two-week low of $114,500 in just a matter of hours.

Despite dropping by more than four grand, the bulls managed to make a comeback, preventing further losses and propelling BTC beyond $117,000, where it currently resides. Crypto experts suggest if Bitcoin can sustain above this level, it could pave the way for new all-time highs in the upcoming week.

The altcoins, after suffering significant losses at the end of the business week, have rebounded effectively today, resulting in considerable gains. Ethereum has risen above $3,700 after a 3.5% daily increase. XRP, Solana, HYPE, XLM, LINK, and BCH have all posted impressive gains, while SUI and HBAR have both surged by double-digit percentages. SUI reached $4, while HBAR climbed above $0.26.

The best performers among the top 100 altcoins include ENA (17%), SPX (14%), and SKY (13%). The total crypto market cap has added approximately $70 billion since hitting its low point yesterday, bringing it up to $3.940 trillion on CG.

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Looking at SUI’s price prediction, a sharp turn from the 20-day exponential moving average (EMA) of $2.92 was noted on Wednesday, and a break above the 50-day simple moving average (SMA) of $3.08 was observed on Thursday. The 20-day EMA is showing signs of an upward move, and the relative strength index (RSI) has entered positive territory – an indication that the bulls are beginning to take control. If the price stays above the 50-day SMA, the SUIUSDT pair could advance to $3.55.

However, if the price drops and breaks below the 20-day EMA, it could signal that the bears are not done selling. In such an event, the pair might fall to $2.64, and possibly to $2.29 thereafter.

The SUIUSDT pair has completed a bullish inverse head-and-shoulders pattern, closing above the $3.08 level. The upsloping moving averages suggest a buyer’s market, but the overbought status on the RSI indicates a potential pullback in the near future. The neckline is a significant support level to monitor in case of a downward movement. If the price bounces off the neckline, the pair could rally to $3.50 and eventually to the pattern target of $3.89.

This optimistic scenario could be invalidated if the price decreases and falls below the moving averages. This could pull the pair down to $2.80 and potentially to $2.60. Like any investment or trading decision, this involves risk and should be evaluated thoroughly before action is taken.

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On the other hand, Mutuum Finance (MUTM) is silently gathering momentum in its presale phase 5, priced at $0.03. Having raised over $10,900,000 and sold more than 560 million tokens to 12,300 holders, MUTM is steadily establishing itself as a significant contender. The crypto market is keenly observing as both projects compete for supremacy. Will SUI hit the $5 mark before MUTM’s anticipated launch?

SUI is making its mark on crypto charts with a steady uptrend, and support levels solidly set at $2.96–$2.97. The trading volume surged past 12 million units early on Monday, indicating strong buyer interest. The price moved past $3.12, creating a new support band.

Crypto analyst Michaël van de Poppe emphasizes SUI’s robust ecosystem, highlighting a threefold increase in stablecoin supply from $400 million to $1.2 billion. The Total Value Locked (TVL) reached $1.8 billion, ranking SUI third among non-EVM chains. Wallet adoption is growing, driven by Phantom integration and the launch of the Slush wallet. However, surpassing the $3.30 mark is crucial for SUI to reach new highs.

Meanwhile, Mutuum Finance (MUTM) presents a unique value proposition. It’s making headway through phase 5, selling tokens at $0.03, promising a 100% ROI at launch which is set at $0.06. With phase 6 around the corner, a price increase of 16.7% to $0.035 is expected.

The project has successfully raised $10,900,000, with over 560 million tokens sold to 12,300 holders. A recently completed Certik audit rated MUTM’s security at 80.00, revealing no vulnerabilities in its smart contracts. Mutuum’s active monitoring and moderate social media engagement further enhance its transparency.

Analysts predict a post-launch price of $2.50 for MUTM, which translates into a staggering 8,233% gain from the current price. As a result, MUTM’s utility-based model is drawing significant attention.

Mutuum Finance (MUTM) is revolutionizing crypto investments through its dual lending system. Its Peer-to-Contract model allows users to deposit stablecoins into smart contract pools, and earn passive income. The Peer-to-Peer model facilitates direct lending, promoting transparency and user control. Moreover, a $100,000 giveaway with 10 winners getting $10,000 each is a part of the presale, which is stirring up excitement among investors.

The $5 target for SUI is ambitious, but the structured growth and innovative lending model of MUTM make it a strong contender for explosive gains. Investors looking for the next big thing in cryptocurrency should act quickly. Explore Mutuum Finance (MUTM) now before phase 6’s price increase.

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Bitcoin’s value is now hovering around $103,000, with many investors looking for signs of future support. Despite global market uncertainty, some altcoins are finding buyers on dips. After news of Israel’s airstrikes on Iran, Bitcoin dropped below $103,000, but subsequent buying pushed the price back towards $106,000. The overall sentiment is that Bitcoin’s bottom isn’t likely to drop significantly, but substantial upward price discovery may not occur until the upcoming Federal Reserve meeting.

As for Ethereum, it declined from $2,879 and dipped below the 20-day EMA ($2,580) on Friday, implying a rejection of the breakout above $2,738. XRP, on the other hand, broke above its moving averages on Monday, but the momentum could not be maintained, leading to a close encounter with the solid $2 support level.

Other altcoins such as BNB, SOL, and DOGE are also facing similar market situations. BNB has been trading between $693 and $634, indicating an equilibrium between the supply and demand. Solana, after rising above the moving averages, could not sustain the higher levels and broke below the moving averages on June 12. Dogecoin turned down from the $0.21 level, suggesting that the price remains within the $0.26 to $0.14 range.

Cardano, Hyperliquid, Sui, and Chainlink have also experienced volatile movements. Cardano turned down from the 50-day SMA ($0.72), indicating that bears continue to sell on rallies. Hyperliquid, after breaking the $42.25 resistance, is heading towards the breakout level from the symmetrical triangle pattern. Sui turned down from the 50-day SMA ($3.55), showing that bears are aggressively defending this level. Lastly, Chainlink re-entered its descending channel pattern, suggesting active sellers at higher levels.

These predictions provide a roadmap of potential price movements but always come with risk. Investors should, therefore, conduct their own market research before making any investment decisions.

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The frozen tokens currently reside in two attacker addresses. However, an onchain governance vote to unfreeze and recover these assets has secured preliminary approval on May 29, with an impressive 90% of voters supporting the proposal, as per an update provided on Friday.

The plan entails Sui network validators transferring the frozen assets to a multisignature trust. This trust will be jointly managed by Cetus, blockchain security firm OtterSec, and the Sui Foundation, and will be executed via a network upgrade.

Furthermore, the DEX is designing a specialized compensation contract to oversee the allocation of recovered funds. It also plans to introduce an emergency pool recovery feature within its Concentrated Liquidity Market Maker (CLMM) infrastructure.

According to the team, “Cetus aims to accomplish complete recovery and restart proceedings within a week. This includes data restoration, rebooting the upgraded CLMM contract, and fully resuming all halted product functions, including LP functions.”

The attack, which transpired on May 22, exploited a weakness in Cetus’ CLMM model, draining approximately $223 million from its liquidity pools. The protocol later fixed an error in the open-source library code used in its smart contracts and offered a $6 million white-hat reward to recover 20,920 ETH ($56.3 million) that the attacker had moved to Ethereum.

The incident contributes to the staggering $5.3 billion lost to DeFi hacks so far, including the $600 million Ronin breach and the $323 million Wormhole exploit, as per The Block’s data dashboard.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. Foresight Ventures, a majority investor of The Block as of November 2023, invests in other companies in the crypto space including crypto exchange Bitget, which is an anchor LP for Foresight Ventures. The Block operates independently to provide objective, impactful, and timely information about the crypto industry. This article is intended for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.

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The Bitcoin price saw some profit booking at around $105,819, hinting at the continued activity of bears at these levels. The week began on a somewhat cautious note for Bitcoin, with prices falling below $103,000. However, the SPX and DXY saw a significant rise following the US-China trade announcement. Could this be a sign of other assets trying to catch up with Bitcoin?

Despite the uncertainty, Bitcoin enthusiasts are still adding more to their wallets. The latest addition came from Michael Saylor’s Strategy, acquiring 13,390 Bitcoin at an average price of $99,856 between May 5 and May 11. This has increased the firm’s Bitcoin holdings to 568,840.

As for the altcoins, the S&P 500 Index, US Dollar Index, Ethereum, XRP, BNB, Solana, Dogecoin, Cardano, and Sui have shown interesting trends. Let’s take a closer look at their charts to understand the support levels to watch out for.

The SPX gapped up sharply on May 12, crossing the overhead resistance at 5,800. The bears will need to fiercely defend the 5,800 level and quickly pull the price beneath the 20-day exponential moving average (5,570) to prevent an upside. Otherwise, the index might continue its upward journey towards the 6,000 level and possibly retest the all-time high at 6,147.

Bitcoin’s price has turned down from $105,819, indicating that the bears are defending the $107,000 to $109,588 zone. If the price turns down and breaks below the 20-day EMA, it signals profit booking at higher levels, which could lead to a fall to $93,000 and then to the 50-day SMA ($89,302).

Ethereum, on the other hand, is trying to sustain the price above $2,550. However, if the price skids below $2,435, the ETHUSDT pair may fall to $2,320. On the contrary, if the price turns down and breaks below $2,320, it suggests profit booking, and the pair may drop to $2,111.

Similar trends can be seen with other altcoins like XRP, BNB, Solana, Dogecoin, Cardano, and Sui. Each of these cryptocurrencies has its unique support levels and resistance that traders need to watch out for.

This article is not meant to serve as investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin (BTC), having crossed the significant $100,000 mark on May 8th, remains steady. This rally caused a spike in short liquidations, amounting to $837.80 million, the highest since 2021. The rally also positively impacted several major altcoins.

Ethereum (ETH) led the altcoin rally, with a rise of approximately 22% on May 8th, resulting in a $328 million liquidation of Ether short positions. However, Bitcoin is likely to encounter significant resistance near its all-time high of $109,588. During retractions, it’s crucial for traders to maintain the price above $100,000 to sustain the bullish momentum.

The cryptocurrency market predictions for the top 10 digital assets are as follows:

Bitcoin might continue its upward movement, with the potential to breach its all-time high. The altcoins could be gearing up for a short-term rally.

Bitcoin closed above $100,000 on May 8, indicating a bull market. A short-term pullback is possible due to the relative strength index (RSI) suggesting an overbought level.

Ethereum soared above $2,111 resistance on May 8 and reached nearly $2,550 on May 9. If the price drops from $2,550 but finds support at $2,111, it indicates a positive sentiment.

XRP has reached a crucial near-term resistance level. A break and close above this level could signal a potential trend change.

BNB made an upward move on May 8, breaking the $620 resistance. If pressure remains and the $644 resistance is broken, BNB could rise to $680.

Solana (SOL) closed above $153 resistance on May 8, signaling a bullish trend. If the price drops from $180 but rebounds off $153, it suggests that buyers are forming a higher low.

Dogecoin (DOGE) reached the overhead resistance at $0.21. If the price drops from $0.21 and breaks below the moving averages, the coin may continue to oscillate within the range.

Cardano (ADA) completed an inverse head-and-shoulders pattern on May 8. If the price remains above the neckline, ADA could surge towards $1.01.

Sui (SUI) rose above the $3.90 resistance on May 8. If the price maintains above $3.90, SUI could rally to $5.

Chainlink (LINK) completed an inverse head-and-shoulders pattern on May 8. If the price drops sharply and breaks below the moving averages, the pair may remain within the channel for a while longer.

Avalanche (AVAX) reached the overhead resistance of $23.50 on May 9. If the price drops sharply from $23.50 and breaks below the moving averages, AVAX may continue to oscillate within the range for a few more days.

Disclaimer: This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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The premier cryptocurrency had an impressive performance last week, finally breaking free from its extended trading range between $93,000 and $95,000. This breakout occurred on Thursday after a successful retest of the lower boundary. Bitcoin’s price was driven to a new local high of over $97,000 on Thursday and $98,000 on Friday morning, shifting the market focus towards the anticipated $100,000 milestone.

However, the bears took control, leading to a reversal in the cryptocurrency’s course. Instead of venturing into the six-digit territory, Bitcoin started losing value incrementally. It dropped back to $96,000 on Saturday and Sunday, and Monday’s Asian trading session saw it dip further to a May low of $93,600.

Despite this, it has rebounded somewhat and currently trades about $1,000 higher. Its market cap on CG has fallen to $1.880 trillion, and its dominance over the altcoins has decreased by 0.2% to 61.5%.

Among larger-cap altcoins, SUI has been the star performer, recording an 8% increase and trading around $3.5 following a slight retracement in recent days. In monthly terms, SUI has risen by more than 50%. Other altcoins like TAO, PEPE, ONDO, LTC, and XMR have also seen gains between 3-4%.

ETH, XRP, BNB, SOL, DOGE, LINK, and TRX are also in the green, although to a lesser extent, while ADA, LEO, AVAX, and TON have registered minor losses. The overall crypto market cap has shed another $20 billion daily and is currently below $3.060 trillion.

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The firm has been actively engaged in submitting a series of crypto ETF filings to the SEC. These include prominent cryptocurrencies such as Dogecoin (DOGE), Solana (SOL), and XRP, among others. The move to initiate a SUI ETF was instigated just over a week after World Liberty Financial (WLFI), a decentralized finance (DeFi) platform affiliated with Trump, announced its intention to incorporate Sui assets into its token reserve, whilst also exploring potential product development opportunities.

This announcement had an immediate impact on SUI’s trading value, which currently sits at $2.34. The token has seen an impressive rise of over 52% in the past year, while the past month has seen a decline of approximately 31%. Canary Capital is anticipated to submit a 19b-4 document to the SEC, thereby formalizing its plans for a SUI fund.

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