The cryptocurrencyย market dipped onceย more on Thursday as Bitcoinย (BTC) briefly descended below $26,000, leaving Bitcoin now greaterย than 3.5 percent down over the last week.ย
The rest of the cryptocurrencyย market persistsย to be dragged down likewise likewise, including Layer 1 smart contract platform Sui ($SUI), which is down 15 percent across the last 7 days.
Letโs take a technical look at SUI compared to Bitcoin, figure out whatโs in store for the cryptocurrenciesย price, and look at an emerging cryptocurrency thatโs displaying positiveย tendency momentum regardlessย of theย present market conditions.
Bitcoinย (BTC) and SUI Breaking Below Support
BTCโs descent marked another rejection from the $27,500 resistance level thatโs hampered it since mid-May. Itโs now testing support in the lower $16,000 range for the 1st time since May 12 which, if broken, could cause the investment to plummet to just $25,000.ย
By contrast, SUI outright lost its support at $1 that it has held since early May, eventuallyย giving way to two weeks of downward-sloping resistance from over. It went as low as $0.95 on Wednesday, an all-time low for the cryptoย token that went live at the start of the 30ย days, although its rebounded slightly now to $1.01.
For context, Sui is a layer 1 smart contract platform with a unique programming language wasย known โMoveโ. It was designed by lead executives of Metaโs now defunct Diem cryptoย stablecoin project, and is meant to solve โpain pointโ common to first-generation blockchainsย teck, like scalability and programmability.ย
The coin has had little profits to write home about since it began trading, onย theย otherย hand, and may continue to post lower bottomย Line in the short term. Technical analysis from TradingView impliesย that now is a good time to sell the investment, with 7 of the assetโs 11 daily technical indicators flashing โstrong sellโ, with no indicators flashing buy signals.ย
SUIโs relative strength index (RSI) is asย ofย now below 30, meaning its momentum isย still deeply bearish.
To invalidate this bearish tendency, SUI will must return to $1.05 to find some footing. Otherwise, if Bitcoinย (BTC) loses its $26,000 support, Sui isย veryย likely sink as low as $0.90.ย ย
AI-Powered Trading Platfom yPredict Raises Over $1.5 Million in Presale
Despiteย theย factย that Bitcoin, Sui and the rest of the market are struggling, new cryptocurrency presale yPredict is racing through its allocation.
Having only launched less than a 30ย days ago, the $YPRED cryptoย token presale has already raised greaterย than $1.5 Million and isย indeed in stage 5 of 8. Cryptoย Tokens are available to buy for $0.07, but with a list price set at $0.12, they will boostย in price by 71 percent by the time they are listed on exchanges.
YPRED are critical to the yPredict ecologicalย system as they provide access to the wide range of trading tools, analytical data and AI-powered predictive models available on the platform.
The cryptoย tokens are used toย win access to yPredict through a three-tier membership model (Free, Active, Pro), with each tier allowing the use of different features and metrics โ they can likewise be staked and will be used as a reward cryptoย token for the best predictive trading models created by the community.ย
yPredict will use artificial intelligence and machine learning (AI/ML) to provide data-driven insights, analytical metrics and predictive marketplace trends.ย
Developed by a doxxed and experienced group of financial quants, traders and software developers, yPredict willย assist cryptocurrency traders and investors makeย better decisions in the market and allow financial data scientists to offer results and indicates as a monthly subscription service.
The platform will likewise provide a marketplace to sell model predictions as a service and will have play-to-earn and learn-to-earn features to attract a broad, engaged community.ย
The yPredict whitepaper has more information on the project.
