Journalist
Published:
- The SUKU crypto rose over 30% to a high of $0.119.
- But that erased gains amid falling Bitcoin prices; what are the chances of recovery?
SUKU crypto, a global Web3 remittance platform, saw a surge earlier this week, driven by a 250% increase in trading volume.
At the peak of its price pump of nearly $0.12, volume increased from $1.7M to $12M, accompanied by a 30% price pump.
But it erased gains and was down 29% at the time of writing, following a broader shift in market sentiment as Bitcoin fell below $95,000.
What’s next for SUKU crypto?
Source: SUKU/USD, TradingView
Since June, SUKU has climbed above the 200-day moving average (MA) for the first time, reinforcing a long-term bullish breakout.
However, the flash crash seen at press time could push it back below the key level.
Additionally, the 200-day SMA has aligned with the H2 2024 resistance level, which could add leverage to the bulls if defended as support. If so, SUKU could retarget recent highs of $0.119.
However, if sellers break above the level parallel to the 200-day moving average, SUKU price could struggle below $0.08 for a while before gaining momentum for a likely breakout attempt. resistance of 2024.
Market demand has fallen
Source: Santiment
The price increase attracted more users and holders, as shown by the increase in the number of active addresses. Given the rise in social media dominance, token mentions on social media have partly driven market interest.
But the FOMO buying didn’t last, as the change in market sentiment triggered a massive drop in demand and massive selling. As the decline in Spot Cumulative Volume Delta (CVD) illustrates, sellers have become dominant.
Read Bitcoin (BTC) Price Prediction 2024-2025
Trading volume also fell, which could hurt SUKU’s price recovery. Chances of a recovery could only be likely if a broader shift in market sentiment changes alongside a further significant increase in volumes.
Source: Coinalyse
