SUI Loses Key Support Zone

SUI has been on a downtrend this week, losing the recently gained levels alongside most of the market. The cryptocurrency saw a 5.3% drop in the last 24 hours, which has worried some investors and crypto analysts.

The token registered one of the best performances during Q3, leading the market as one of the few altcoins registering green numbers in most timeframes. SUI started the month by recording a 15% weekly surge, which fueled its rally toward its new all-time high (ATH).

Additionally, the token jumped 25% from its monthly opening, shooting past the $2 barrier to reach a new ETH of $2.35. However, its bullish rally was overshadowed by insider selling allegations on October 13.

Market expert LightCrypto alleged that SUI’s performance would be affected by insiders�continuous selling, who had unloaded $400 million in SUI tokens.

Following the allegations, the cryptocurrency faced a 15% daily correction but remained above the crucial $2 support level. Since then, the cryptocurrency has moved sideways, hovering between the $2-$2.15 price range until today.

On Tuesday morning, SUI lost the $2 support, plunging 6.5% toward the $1.87 mark before recovering the $1.90 zone. The token’s dip represented a 13% decline from its price seven days ago and an 18.4% drop from its ATH.

Is A 30% Pullback Looming?

Following SUI’s recent price action, some crypto analysts revealed that another pullback seems to be looming. Crypto analyst Altcoin Sherpa weighed in on the markets�current performance, as it slowed down after Bitcoin’s surge to $69,000 on Sunday.

Sherpa considers the market’s rally momentarily paused, highlighting that “most alts are either pulling back or consolidating.�To him, the tokens that recorded a strong run in September, including Bittensor (TAO) and SUI, have “a bit more pullback to go�before resuming their rally.

The analyst forecasted a 25% to 30% correction toward the $1.4 support zone or lower, detailing that there will probably be “plenty of bounces�along the way. Similarly, crypto investor Doji noted that the cryptocurrency broke “a massive 1-month stricture to the downside.�/p>

The investor revealed that the token dropped below the lower trendline of a broadening wedge pattern on its 1-month chart. Doji suggested that SUI will retest the pattern before dropping lower toward the lower liquidity spot at $1.4. Nonetheless, he expects “to see the middle of the macro range at some point.�/p>

Despite the drop, SUI registers a 30.7% surge in the monthly timeframe, trading at $1.92 at the time of writing.

The altcoin’s future potential is a significant factor in the development of this momentum. Recent price predictions show that Bittensor could experience a substantial 220% increase, with a potential price of $1,800 by November 2024. Many are interpreting the current bullish sentiment as an opportunity to purchase TAO before it experiences its next significant surge.

Open Interest Reaches New Highs

According to Coinglass, TAO’s Open Interest, which recently reached an all-time high of $189 million, is one of the most telling indicators of its strength. That’s sharply up from $50 million recorded at the start of September. An increasing Open Interest-the total number of active positions held by traders is often a very positive sign, as it indicates more money is being invested in the asset.

This surge in Open Interest alongside rising TAO price signifies that the traders are not just holding on to their existing long positions but are also actively buying new ones. Therefore, upward momentum means that the recent runs of Bittensor may be sustained for some time longer. This has heightened speculations that the token may even ascend much higher.

Technical Analysis Supports The Bullish Hunch

Bittensor is now trading at $554, representing a critical resistance. TAO plots a V-shaped recovery on the four-hour chart, which usually represents sustained positive momentum. The CMF indicator has also stayed positive at 0.21, showing significant buying force in the market.

Besides this positive forecast, a green volume histogram bar shows that TAO may be able to break up from this resistance line to the next point at $618. Considering the strength of purchasing volume by the market, a short-term upward movement can be said to hold a good case.

Analysts are generally positive about Bittensor’s future. Even though the cryptocurrency market as a whole is still pretty sketchy, TAO has had 20 “green days” out of the last 30 days, which means that 67% of the time, prices have gone up. The coin is growing, even though it has a 30% fluctuation, and predictions for November 2024 show that it will grow a lot.

Featured image from Bittensor, chart from TradingView

TAO has shown an amazing 1,000% price rise over the last year. The digital asset was up by a solid 65% this month. Looking ahead, CoinCodex projects a whopping 243% price rise, maybe reaching $1,827 by October 23, 2024, therefore inspiring investor hope.

Right now, Bittensor is trading at $525, slightly below the vital $530 threshold. This shows strong market mood since it indicates an 81% sustained upward push in the past week. Given the good technical indicators and a positive view of the next months, traders are excited to see how high TAO may get.

Strong Market Momentum

At the moment, Bittensor is riding a wave of strong upward progress. The price went up by 40% after a recent wedge exit, setting the asset up for more gains.

Bittensor’s futures open interest has gone from $61 million to $114 million, showing that investors are taking notice. This rise means that more investors are starting new positions, which means that money is coming into TAO.

Moreover, the recent price increase has been accompanied by heightened bullish signals. With liquidation for short positions at a yearly high of $1.45 million, people betting against the market are driven from their positions.

Long position liquidations, meantime, have been somewhat minimal, just $139,000 over the past week. This pattern shows increasing confidence among investors thinking about the future price movement of Bittensor.

Positive Mood And Price Projections

Expectations are that this optimism regarding Bittensor will hold. Furthermore, according to CoinCodex, this will result in an increase of up to 240% as the figures could rise to $1,827 come October 23, 2024.

The fear & greed index is little changed at 50, and technical indicators are close to neutral. Such a signal is an indicator that investors in the market are staying positive about the prospects of the coin registering more gains ahead.

With 16 of his 30 trading days posted in the green over the past 30 days, Bittensor has a 53% success record. Coupled with a 17.69% price volatility, this result suggests a healthy state of the market.

Bittensor is fairly positioned within the AI coins sphere. Its phenomenal price pump and solid market signals give hope to traders about its prospects.

Hence, soaring open interest, a high liquidation rate on short positions, and positive projections for the price indicate that Bittensor may record decent profits in the coming months.

Featured image from X/@CryptoGirlNova, chart from TradingView