Sui Blockchain made headlines by partnering with RedBull Racing.
Jasmy has formed a rising wedge pattern on the hourly chart.
AVAX has formed a double-bottom pattern.
Cryptocurrency prices remained in a consolidation mode this week even after the US Congress voted for a bipartisan bill to avert a government default. They also wavered as volume of coins traded in centralized and decentralized exchanges (DEX) fell. Bitcoin is still hovering at the key point at $27,100 while Ethereum has been stuck below $2,000. In this article, we will highlight some of the most notable cryptocurrencies this week like Jasmy, Avalanche, and SUI.
Sui is a new blockchain project that aims to become the best alternative to layer-1 networks like Avalanche and Ethereum. This week, the coin plunged to a low of $0.90, which was sharply lower than its all-time high of $1.1140.
The biggest news was that the company was partnering with RedBull Racing, the leading Formula 1 team. This partnership will see the logo pasted in the Formula 1 cars. Sui Blockchain will also roll out several digital experiences for the team, as we wrote here.
This is an important partnership but investors should take it with a grain of salt. In the past, blockchains that partnered with Formula 1 teams like Tezos and Velas did not outperform the market.
The hourly chart shows that the token has rebounded after the new agreement. It still remains below the 25-period and 50-period moving averages. Therefore, I suspect that the token will resume the bearish trend during the weekend as investors assess the Red Bull partnership. If this happens, the next level to watch will be at $0.9090, this week’s low.
JasmyCoin is a small but well-known Japanese cryptocurrency that is seen as Japan’s version of Bitcoin. Like other cryptocurrencies, the token plunged to a low of $0.0044 as interest in cryptocurrencies waned. It has now pared back some of the recent losses and jumped by about 4% from the lowest point this month.
These gains could be limited since the coin has formed a rising wedge pattern. In price action analysis, this pattern is usually a bearish sign. And the wedge pattern is nearing its confluence level. It has also formed an inverted cup and handle pattern. Therefore, I supect that the coin will have a bearish breakout as sellers target the next key support at $0.0044, the lowest point in June.
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks the top 5 globally.
Avalanche price dropped to an important support level at $13.8 this week as cryptocurrencies retreated. It then bounced back as Trader Joe’s JOE token roared back. On the 4H chart, it seems like the coin has formed a small double-bottom pattern whose neckline is at $15. However, the coin remains below the 50-period and 100-period moving averages.
Therefore, because of the double-bottom pattern, AVAX price will likely continue rising as buyers target the neckline of the double-bottom pattern at $15. This price is about 4.50% above the current level.
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
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