The post SUI Set for 60% Rally After $40 Million Exchange Outflows appeared first on Coinpedia Fintech News SUI, the native token of the Sui Network, is making waves in the cryptocurrency landscape with its impressive performance while major cryptocurrencies appear to be struggling. Today, December 3, 2024, SUI has surged with an impressive 14% upside momentum, breaking out of one of the most highly anticipated bullish price action patterns. SUI Technical Analysis and Upcoming Level According to CoinPedia’s technical analysis, SUI has broken out of a bullish head-and-shoulders price action pattern. In the financial market, traders and investors often use this pattern to build long positions. Source: Trading View Based on recent price action and historical momentum, following the breakout, there is a strong possibility that the asset could rally by 60% to reach the $5.5 mark in the coming days. On the positive side, the asset is trading above the 200-day Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, its Relative Strength Index (RSI) suggests that the asset still has room to rise significantly in the coming days. Currently, SUI’s RSI stands at 61, which is below the overbought zone. $40 Million Outflows, A Bullish Signal? With strong bullish technical indicators, whales and investors appear to have shown significant interest and confidence in the altcoin, as reported by the on-chain analytics firm Coinglass . According to SUI’s spot inflow/outflow data, exchanges have witnessed an outflow of over $40 million in the past five days. Source: Coinglass In the context of cryptocurrency, this notable outflow suggests that whales or investors have moved tokens from exchanges to their wallets. Additionally, this is a positive sign for SUI holders and is likely to attract more investors and traders. Current Price Momentum Currently, SUI is trading near $3.7 and has registered a price gain of over 14% in the past 24 hours. During the same period, its trading volume surged by 70%, indicating increased participation from traders and investors amid SUI’s bullish outlook. With bullish technical indicators and strong whale activity, SUI is poised for further growth, potentially marking the start of a significant rally in the altcoin market.
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After XRP and TRX, Is PEPE The Next Altcoin to Explode in Price?
TL:DR; Several altcoins have popped up in the past few weeks to register massive double- and even triple-digit gains at some point. Will PEPE be the next in line? Some whale activity suggests so. Alts’ Rally The current crypto environment screams altseason . It all started after Donald Trump’s decisive victory in the US presidential elections when DOGE, alongside BTC, skyrocketed to new multi-year peaks, perhaps due to the asset’s affiliation with Elon Musk. Since then, bitcoin has stalled and is in consolidation mode, while DOGE has calmed . However, numerous other altcoins have started to pop up frequently. XRP was at the forefront of these rallies , surging by more than 420% within a month, charting a 7-year high, and becoming the third-largest cryptocurrency by market cap. The past 24 hours have seen the rise of two other bright stars – Tron and Binance Coin. Both have blasted through their previous ATHs, especially the former. TRX shot up by more than 70% and jumped above $0.43 to mark a fresh peak. Other noteworthy contenders include XLM, HBAR, DOT, and AVAX. Now, the community has started to speculate on which altcoin will be next. Is PEPE Next? The third-largest meme coin also soared in value after Trump’s win and marked a new all-time high on November 14 at $0.00002457 (CoinGecko data). This came after numerous listings on large exchanges and a growing hype within the community. Similar to DOGE, though, it retraced in the following weeks and now sits below $0.000021 – or 15% away from its peak from last month. It has remained somewhat on the sidelines, with the focus going on many of the aforementioned assets. However, it seems certain large investors, known as whales, are turning their attention back to it, which could suggest a further rally. Data from Lookonchain shows that a single whale had accumulated and withdrawn nearly $7 million worth of PEPE in the past 20 days. Such large purchases and withdrawals often precede price increases due to the declining available supply and immediate sell pressure. Whales continue to accumulate $PEPE ! A whale has withdrawn 337.09B $PEPE ($6.92M) from #Binance in the past 20 days. https://t.co/65vbIQd2dd pic.twitter.com/79NauAQt8V — Lookonchain (@lookonchain) December 4, 2024 The post After XRP and TRX, Is PEPE The Next Altcoin to Explode in Price? appeared first on CryptoPotato . coinpedia
Move Over XRP`s Korea Narrative, The 400% Price Rally Has Support of Coinbase Whales
When we think of altcoins like XRP and their sudden price bursts, the first thing that comes to mind is South Korea, which has a reputation for heavily engaging with alternative coins. While Korean investors have contributed to XRP`s impressive 30-day price surge of over 400% to $2.60, they`re not the only game in town. The stateside investors have been hyperactive through the Nasdaq-listed Coinbase exchange. The XRP/USD pair on Coinbase has been consistently pricier than Binance`s XRP/USDT pair in the past 30 days, with minute-level premiums ranging from 3% to 13%, according to data from analytics firm CryptoQuant. It`s a sign of whales being active on Coinbase, according to CryptoQuant`s CEO Ki Young Ju. In the meantime, prices have not seen a significant premium on Upbit, South Korea`s leading cryptocurrency exchange. Narratives surrounding crypto adoption under Trump`s presidency are likely powering the so-called Coinbase premium. "The WSJ describes Trump`s second term as `new era for crypto—with fewer government hurdles.` Under a `litigation peace,` according to the asset`s proponents, XRP will become more accessible to major financial institutions using the asset as a `bridge currency` for foreign exchange," FRNT Financial said in the newsletter Tuesday, explaining the XRP rally and booming activity in the U.S. exchanges. Trump`s friendliness to crypto is bolstering the thesis that payments-focused XRP will become "ubiquitous in international capital flows as a ‘bridge currency’ when settling foreign exchange," FRNT added. Coinbase lags in trading volume Volume trends, however, indicate Korean leadership in the XRP market. On Upbit, XRP/KRW is the most traded pair of the past 24 hours, with a volume of $7.63 billion, equating to 26% of the total activity, according to data source Coingecko. On Coinbase, the XRP/USD pair has seen a trading volume of nearly $1.7 billion in the past 24 hours, the highest among all pairs, accounting for over 17% of the exchange`s total turnover of $9.89 billion, according to data source Coingecko. The BTC/USD is the second-most actively traded pair, with a volume of $1.59 billion. The offshore XRP market is bigger in volume, likely because the cryptocurrency was unavailable for trading in the U.S. for a long time because Ripple was locked in a legal battle with the SEC over alleged securities law violations for issuing XRP to institutions and retail investors. However, favorable resolution of the legal tussle early this year prompted exchanges, including Coinbase, to re-list XRP. coinpedia