The crypto market dipped again on Thursday as Bitcoin briefly descended below $26,000, leaving BTC now more than 3.5% down over the last week.
The rest of the crypto market continues to be dragged down as well as well, including Layer 1 smart contract platform Sui ($SUI), which is down 15% across the last seven days.
Let’s take a technical look at SUI compared to Bitcoin, figure out what’s in store for the crypto’s price, and look at an emerging crypto that’s displaying bullish momentum despite the current market conditions.
Bitcoin and SUI Breaking Below Support
Bitcoin’s descent marked another rejection from the $27,500 resistance level that’s hampered it since mid-May. It’s now testing support in the lower $16,000 range for the first time since May 12 which, if broken, could cause the asset to plummet to just $25,000.
By contrast, SUI outright lost its support at $1 that it has held since early May, finally giving way to two weeks of downward-sloping resistance from above. It went as low as $0.95 on Wednesday, an all-time low for the token that went live at the start of the month, although its rebounded slightly now to $1.01.
For context, Sui is a layer 1 smart contract platform with a unique programming language called ‘Move’. It was designed by lead executives of Meta’s now defunct Diem stablecoin project, and is meant to solve “pain point” common to first-generation blockchains, like scalability and programmability.
The coin has had little gains to write home about since it began trading, however, and may continue to post lower lows in the short term. Technical analysis from TradingView suggests that now is a good time to sell the asset, with seven of the asset’s 11 daily technical indicators flashing ‘strong sell’, with no indicators flashing buy signals.
SUI’s relative strength index (RSI) is currently below 30, meaning its momentum is still deeply bearish.
To invalidate this bearish trend, SUI will need to return to $1.05 to find some footing. Otherwise, if Bitcoin loses its $26,000 support, Sui is likely to sink as low as $0.90.
AI-Powered Trading Platfom yPredict Raises Over $1.5 Million in Presale
Although Bitcoin, Sui and the rest of the market are struggling, new crypto presale yPredict is racing through its allocation.
Having only launched less than a month ago, the $YPRED token presale has already raised more than $1.5 million and is already in stage 5 of 8. Tokens are available to purchase for $0.07, but with a list price set at $0.12, they will increase in price by 71% by the time they are listed on exchanges.
YPRED are vital to the yPredict ecosystem as they provide access to the wide range of trading tools, analytical data and AI-powered predictive models available on the platform.
The tokens are used to gain access to yPredict through a three-tier membership model (Free, Active, Pro), with each tier allowing the use of different features and metrics – they can also be staked and will be used as a reward token for the best predictive trading models created by the community.
yPredict will use artificial intelligence and machine learning (AI/ML) to provide data-driven insights, analytical metrics and predictive marketplace trends.
Developed by a doxxed and experienced group of financial quants, traders and software developers, yPredict will help crypto traders and investors make better decisions in the market and allow financial data scientists to offer results and signals as a monthly subscription service.
The platform will also provide a marketplace to sell model predictions as a service and will have play-to-earn and learn-to-earn features to attract a broad, engaged community.
The yPredict whitepaper has more information on the project.
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