Category: Cryptocurrency News

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SUI has shown a remarkable bullish comeback, overcoming earlier setbacks with impressive strength. The cryptocurrency has steadily gained ground, attracting attention. As the price approaches the critical $4.98 resistance, the potential for a breakout looms. A successful move above this level could trigger a new phase of bullish momentum, setting the stage for the token to achieve new highs. Specifically, the $4.98 has been a key barrier in recent trading, and breaking through it would be a significant achievement for SUI. With strong market sentiment building, a breakthrough may inspire more buying pressure, pushing the price even higher. As the asset moves close to this crucial level, the possibility of new record highs becomes increasingly likely, making SUI one of the critical cryptocurrencies to watch in the coming days. SUI Bulls Take Charge Toward $4.98 Threshold SUI is currently demonstrating impressive bullish momentum as its price steadily climbs toward the critical $4.98 resistance level. This price action signals a strong comeback for the token, with bulls steadily regaining control after previous bearish pressure. The $4.98 threshold has emerged as a key point of interest since it represents a potential breakout zone that could drive the price higher toward new highs. Related Reading: SUI The Rising Star: Analyst Foresees Over $25 Breakthrough A successful breach above the $4.98 level would confirm the continuation of the positive trend and attract additional buying interest. This could lead to a shift in market sentiment, with buyers asserting dominance and possibly pushing the price toward the next resistance levels. A Break Above $4.98 Could Signal More Upside SUI’s price has successfully risen above the 100-day Simple Moving Average (SMA), a significant technical milestone that signals a shift in market sentiment. Significantly, this rise above the 100-day SMA indicates that the token may be entering a new bullish phase, as the price action is now trading above a key moving average that has historically acted as support or resistance. It reflects a growing market optimism and signs of stability, raising the potential for a continued upward trend. Also, the Relative Strength Index (RSI) confirms strong upbeat strength for SUI, rising above the 50% threshold to 59%. This suggests that buying pressure is outpacing selling, signaling a shift in the market and a reversal of the recent downtrend. With the RSI in a neutral-to-bullish zone, there is room for further upside if the momentum continues, supporting the case for continued price gains and a break above $4.98. Related Reading: SUI Hits New ATH, Can Bullish Momentum Lead Price To $5 This Weekend? In conclusion, if SUI’s price breaks above the $4.98 level, it could lead to the formation of new highs, implying a strong continuation of the uptrend. However, failure to breach this resistance may result in a consolidation phase or a pullback, suggesting that sellers could still have control over the market and limiting upside potential. Featured image from Shutterstock, chart from Tradingview.com

Last week was marked by bitcoin’s resilience and worries about mining centralization. Fartcoin’s rise to an all-time high added an unexpected layer of humor. This editorial is from last week’s edition of the Week in Review newsletter. Subscribe to the weekly newsletter to get the editorial the second it’s finished. From Mining Centralization Worries to […]

Bitcoin correction approaching a conclusion, Hawk Tuah influencer releases statement, and more: Hodlers Digest

The Bitcoin price is approaching the $100,000 level again after experiencing significant declines these past weeks. A crypto analyst has pointed out that the critical resistance level at $99,800 is crucial for Bitcoin’s next move. If the pioneer cryptocurrency can break through this level, it could trigger a significant breakout, potentially propelling Bitcoin past the $100,000 mark.  Related Reading: Ethereum To Outpace Solana In 2025, Bitwise CIO Asserts Bitcoin Price Faces Resistance At $99,800 Prominent crypto analyst Ali Martinez has shared a chart showing an In/Out of the Money Around Price (IOMAP) analysis of the distribution of Bitcoin wallets based on their purchase price. According to the analyst, the Bitcoin price is facing extreme resistance between the $97,500 and $99,800 price levels as it tries to breach $100,000 again. Martinez noted that around this price range, approximately 923,890 wallet addresses had purchased over 1.19 million BTC. This price zone acts as an important resistance level because many Bitcoin holders may look to sell and break even, potentially exerting selling pressure. In the IOMAP chart shared by Martinez, the green dots that signal ‘In the Money’ represent price levels below the current Bitcoin price, where wallet holders are in profit because they bought BTC at a lower value. On the other hand, the red dots that represent ‘Out of the Money’ show price levels of Bitcoin’s present value, where wallet holders are at a loss because they bought BTC at a higher price.  Lastly, the white dot indicates ‘At the Money’ and represents the current price of Bitcoin at an average of $98,676, where some crypto wallets see neither profit nor loss.  Below Bitcoin’s current price, the chart shows strong buying zones, which could provide strong support if the pioneer cryptocurrency experiences a potential pullback. Martinez has forecasted that breaking through the critical resistance range between $97,500 and $99,800 would signal the start of a bullish rally for Bitcoin, potentially leading it to a new all-time high.  Currently, the Bitcoin price is trading at $98,652, steadily rising to return to previous highs above $100,000. To a new all-time high, Bitcoin will have to surge by over 7%, surpassing its present ATH above $104,000.  Related Reading: Dormant PEPE Whale Awakens, Moves 2.1 Trillion Tokens Worth $52 Million Bitcoin’s Biggest Gains To Come After Christmas A popular crypto analyst identified as the ‘Crypto Rover’ has expressed optimism about Bitcoin’s near-term price potential this Q4. According to the analyst, Bitcoin has historically experienced its most significant gains right after Christmas during the halving years.  The analyst shared a price chart showing Bitcoin’s market performance during each halving cycle. In the 2012 halving year, Bitcoin started a significant price rally, which extended into the following year. The same bullish trend occurred in the next halving years in 2016 and 2020, with Bitcoin hitting exponential price highs.  Based on this historical trend, Crypto Rover projects that Bitcoin could witness a similar bullish surge before the end of 2024, with the rally potentially continuing into 2025.   Featured image from Bloomberg Images, chart from TradingView

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Right now, bitcoin’s price is cruising comfortably over the $97,000 mark, and we’ve got just ten days until we wave goodbye to the year. Here’s a rundown of four big economic happenings that might steer bitcoin’s course in the future. A Look at 4 Big Trends Ready to Tilt Bitcoin’s Trajectory Bitcoin enthusiasts are all […]