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Cryptocurrency Market Preview: Key Coins to Watch This Week
Last week’s cryptocurrency market was marked by mixed price movements, driven by concerns over tariffs, interest rates, and the recent $1.4 billion Lazarus Group hack on Bybit. Bitcoin and Ethereum prices experienced fluctuations, with Bitcoin remaining below $100,000 and Ethereum crashing below the $3,000 mark. The crypto fear and greed index has moved to a neutral point, with Bitcoin’s dominance at 60%.
Bitcoin: Breakout or Breakdown Imminent
Bitcoin, the largest cryptocurrency, is expected to be in the spotlight this week as technical indicators point to a potential breakout or breakdown. The daily chart shows a symmetrical triangle pattern forming over the past few weeks, with the two lines of the triangle nearing their confluence level. This suggests a significant move is imminent, potentially this week.
Key support and resistance levels to watch are $88,960 and $109,100. A break below the support level at $88,960 could indicate further downside, potentially to $73,350. On the other hand, a strong move above $109,080 could lead to further gains to $110,000 and $122,000.
Optimism: Token Unlock and Bearish Flag Pattern
Optimism, a leading layer-2 project, will conduct a significant token unlock this week, releasing tokens worth over $38 million. This will increase the circulation of OP tokens by 2% of the float. The OP price is currently sitting at a key level, having formed a bearish flag pattern that points to potential downside in the coming weeks.
The Optimism token was created by the Optimism Foundation, a non-profit organization, to power governance and incentives within the Optimism Collective. The OP coin plays a crucial role in funding public goods and decentralization initiatives.
Sui: Token Unlock and Reversal Signs
Sui, a top layer-1 network, will also unlock tokens worth $111 million, equivalent to 1.07% of the total float. The SUI token has dropped by 38% from its highest level in January and has moved below the 50-day moving average, indicating bearish control.
However, the SUI token has formed a falling wedge pattern, a highly popular reversal sign, and a small double-bottom pattern, pointing to a potential strong rebound in the coming weeks. A drop below the support at $2.91 could invalidate the bullish view.
The Sui Layer-1 network was created by Mysten Labs, a blockchain infrastructure company founded by former Meta engineers. The Sui network’s native cryptocurrency powers the network by facilitating gas fees, staking for security, governance participation, and DeFi applications.
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