SUI is currently experiencing intense buying pressure, driven by the resumption of buyback activities.
The asset has rebounded and is now trending upwards, marking a great shift from its lowest valuation in over 30 days.
In the coming days, SUI will look into reclaiming lost levels, with potential for future price gains. Nevertheless, the broader crypto market is somewhat lower than it was before, which is why some assets with a global market cap are recovering.
The fear and greed index has declined, yet the bearish sentiment remains strong across the industry. It is currently at 55, which is nearly 10 points less than the readings of the previous day. This marks the lowest value the metric has attained in the past week.
At the time of writing, this recent trend highlights the low market participation in the crypto industry, with trading volume plummeting over 22% in the last 24 hours.
However, the volume of purchases is relatively higher than that of the previous day, showing some underlying demand.
Bitcoin, on the other hand, is driving the buyback trend as it reclaims $104,000, with XRP also following suit after testing the $2 support, thereby surging to a high of $2.20. On-chain data also shows that Ethereum is experiencing a surge in buying pressure.
A glance at the 24-hour chart reveals that the past five days have been among the most bearish in May. Let’s examine the performance of some alternative cryptocurrencies.
DOGE/USD
Dogecoin began the week quietly, with a doji candlestick on Monday and no significant surge. This trend was followed on Tuesday before a 2% decline on Wednesday. The downtrend continued until the largest dip, which occurred on Friday.
Dogecoin, being the largest memecoin, began the day at $0.21 but plummeted to $0.19, rebounding slightly after a nearly 10% loss. The downtrend continued into Saturday, with the memecoin hitting a low of $0.185, its lowest value in more than two weeks.
Currently, DOGE is trading at $0.194, indicating that it has reclaimed its lost ground and is now above its opening price. Nonetheless, this slight gain has not elicited a significant response from the indicators.
With a 12-day EMA continuing its downward trend, the moving average convergence divergence is printing sell signals. Nevertheless, other technical indicators, such as the RSI and ADX, have flipped bullish. The little shift in the ADX suggests a loosening grip by the bears.
The Relative Strength Index is trending steadily, highlighting a slight increase in buying pressure for DOGE. As a result of the recent price movements, if this trend continues, the next target could be $0.20 in the future.
TRX/USD
The 24-hour chart showed that over the past five days, TRX saw reduced volatility. Although the asset sluggishly began the week, it gathered momentum on the second day, surging nearly 2%. Nevertheless, on Wednesday, TRX’s price trajectory shifted, with the asset posting its first red candle.
TRX’s downtrend worsened on Friday, 30th May, with the asset plummeting from $0.275 to as low as $0.266. This brought the day to an end with 2% losses despite a slight recovery.
The current price suggests that the decline may be a healthy form of correction, and its recent decline could be a sign of a healthy correction.
On Thursday, the Average Directional Index (ADX) stopped its uptrend as it continues to decline amid the latest pullback. Nevertheless, the RSI altered its trajectory, reducing selling pressure at the moment.
ADA/USD
Cardano is experiencing a trend similar to SUI. It retested the $0.65 support level a few hours ago before rebounding to its opening price.
Indicators such as the Relative Strength Index (RSI) and the Accumulation/Distribution chart are responding to the recent shift in Cardano’s trajectory. The RSI is on a steady trend, indicating a balanced combination of buying and selling pressure. The ADX, on the other hand, has adjusted its downward movement in response to the improvement in trading conditions.
Nonetheless, the 24-hour chart indicates that this altcoin is still on track for a bearish close. It is still recovering from a four-day downtrend that caused it to dip from $0.77 to $0.72, resulting in a loss of almost 9%.
Furthermore, the MACD is printing sell signals, with the 12-day EMA continuing its downward trend despite a slight increase in buying pressure.
HYPE/USD
Having recovered from the decline of $30.7 and currently trading a little above the opening price, Hyperliquid is set to end its second consecutive gain.
Hyperliquid experienced a remarkable increase on Friday amid the general selling pressure and across the broader crypto market. After rebounding from a low of $ 30.60, it surged to a high of $ 34.20, ending the day with a more than 4% gain.
The Relative Strength Index has initiated an uptrend, resulting in a rise from 57 to 61 at the time of writing. Meanwhile, the Accumulation/Distribution (A/D) indicator also suggests that traders are accumulating an excess supply.
HYPE is on track for a bearish weekly close, still recovering from a four-day decline that led to a massive loss of more than 20%.
