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Ripple (XRP) is facing a wave of short-term price turbulence, but long-term projections remain highly bullish. Despite a 5% drop over the past week and an 8% decline in the last 30 days, XRP continues to capture investor attention as historical patterns hint at a massive breakout in the next market cycle. Currently, XRP is […]
SUI recent price recovery has reignited bullish sentiment, but its momentum is now being put to the test. After bouncing from key support levels, the price is facing strong resistance that could determine the next major move. Bulls are attempting to push through this barrier, but a lack of sustained buying pressure has made the breakout uncertain. Market indicators reveal a tug-of-war between buyers and sellers, with bears aiming to cap gains and trigger a reversal. If bulls manage to build enough momentum, SUI could overcome this hurdle, setting the stage for a continued rally. However, if resistance proves too strong, a rejection could force a retracement to lower support zones. Can SUI Maintain Its Momentum? SUI is currently facing a crucial resistance level, and its ability to sustain upward movement will determine its next move. Bulls have managed to push the price toward the $2.365 mark, but the key test lies in whether buying pressure is strong enough to break past resistance. Related Reading: SUI Breakout Alert: Strong Momentum Puts $4.98 Key Level In Focus Although SUI’s price remains below the 100-day SMA, signs of a potential shift in momentum are emerging. The MACD is on the verge of a bullish crossover, indicating that buying pressure may be building. When the crossover is confirmed, it might signal a strengthening uptrend, increasing the chances of SUI breaking through key resistance levels. If bulls can successfully drive the price above the critical $2.365 resistance level, it could signal a strong breakout and open the door for further upside. A decisive move past this level, supported by increasing buying interest, is likely to push SUI toward the next resistance zone at $2.8217. However, sustained volume and additional bullish confirmations will be crucial for the rally to gain traction. Should momentum weaken, SUI may struggle to maintain its upward push, leading to another retest of lower support levels. Rejection Risks: Could Bears Regain Control? Resistance zones often trigger increased volatility as both bulls and bears battle for control. With buyers failing to maintain strength, SUI may struggle to hold on to its recent gains, leading to a price rejection toward key support areas. Related Reading: SUI Bearish Move Gathers Pace After A Breach Below Key Moving Average The first major support to watch lies near the $1.5997 level, where buyers might step in to prevent losses. A dip below this level may open the door for a deeper correction toward the $1.4222 psychological support, a critical zone that has previously acted as a price floor. Should selling pressure intensify, SUI could test lower support near $1.1689, which indicates a stronger bearish shift. Bulls must defend these levels to maintain the broader uptrend or risk a prolonged consolidation phase before another attempt at recovery. Featured image from Shutterstock, chart from Tradingview.com
CryptoQuant’s Bitcoin on-chain PnL index has surged above its 365-day MA recently, a crossover that has historically signaled early bull markets. Bitcoin On-Chain PnL Index Has Formed A Bullish Crossover As per data from the on-chain analytics firm CryptoQuant, the index is indicating a buy signal for BTC right now. The “CryptoQuant on-chain PnL index” is a metric that combines three different indicators into one to point out tops, bottoms, and cyclical shifts in the price of Bitcoin. The first of the metrics that the PnL index uses is the “MVRV ratio,” which is a model that checks whether BTC is currently overvalued or undervalued by comparing the crypto’s market cap with a fair value model called the “realized cap.” The second relevant indicator here is the “NUPL,” which tells us whether the Bitcoin market as a whole is currently carrying an unrealized profit or an unrealized loss. This metric can provide hints about whether there is a buying or selling motive among investors right now. Finally, there is the Spent Output Profit Ratio (SOPR), which tracks whether the average holder is selling at a loss or a profit at the moment. The SOPR shouldn’t be confused with the NUPL, as the quantity being measured by the NUPL is the “unrealized” profit/loss, which is the profit or loss that investors have accumulated but are yet to harvest (or “realize”) as they are still to sell their coins. There are actually two SOPR metrics of interest here; the version specifically for the short-term holders (STHs) and that for the long-term holders (LTHs). The entire Bitcoin market can be divided into these two groups, with the criteria being that holders who bought within the last 155 days fall into the former cohort, while those who bought before that fall into the latter. Related Reading: Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again Now, here is the data for the CryptoQuant on-chain PnL index, which takes all these different Bitcoin indicators and combines them into one model for the crypto: Looks like the value of the metric has shot up | Source: CryptoQuant As displayed in the above graph, the CryptoQuant on-chain PnL index has sharply risen out of the historical bottom zone recently. The chart also includes the curve for the 365-day moving average (MA) of the metric, and it’s clear that the index has crossed above this MA with the latest surge. Historically, such a crossover during bearish periods has signaled a transition toward an early bull market. If this pattern holds true this time as well, then the current breakout could be good news for the ongoing rally. Related Reading: Bitcoin Short-Term Holder Profit-Taking Spikes, Will BTC Price Recover? However, back in 2015, an initial breakout like the current one did end up failing, and it was only later that a successful transition took place. Nonetheless, CryptoQuant notes “although it is still possible for the index to fall back below, the CryptoQuant PnL Index has issued a definitive buy signal for BTC.” BTC Price At the time of writing, Bitcoin is trading around $22,900, up 11% in the last week. BTC seems to be showing stale price action | Source: BTCUSD on TradingView Featured image from Hans Eiskonen on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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