Sui Blockchain made headlines by partnering with RedBull Racing.
Jasmy has formed a rising wedge pattern on the hourly chart.
AVAX has formed a double-bottom pattern.
Cryptocurrency prices remained in a consolidation mode this week even after the US Congress voted for a bipartisan bill to avert a government default. They also wavered as volume of coins traded in centralized and decentralized exchanges (DEX) fell. Bitcoin is still hovering at the key point at $27,100 while Ethereum has been stuck below $2,000. In this article, we will highlight some of the most notable cryptocurrencies this week like Jasmy, Avalanche, and SUI.
Sui price prediction
Sui is a new blockchain project that aims to become the best alternative to layer-1 networks like Avalanche and Ethereum. This week, the coin plunged to a low of $0.90, which was sharply lower than its all-time high of $1.1140.
The biggest news was that the company was partnering with RedBull Racing, the leading Formula 1 team. This partnership will see the logo pasted in the Formula 1 cars. Sui Blockchain will also roll out several digital experiences for the team, as we wrote here.
This is an important partnership but investors should take it with a grain of salt. In the past, blockchains that partnered with Formula 1 teams like Tezos and Velas did not outperform the market.
The hourly chart shows that the token has rebounded after the new agreement. It still remains below the 25-period and 50-period moving averages. Therefore, I suspect that the token will resume the bearish trend during the weekend as investors assess the Red Bull partnership. If this happens, the next level to watch will be at $0.9090, this week’s low.
How to buy SUI
Jasmy price prediction
JasmyCoin is a small but well-known Japanese cryptocurrency that is seen as Japan’s version of Bitcoin. Like other cryptocurrencies, the token plunged to a low of $0.0044 as interest in cryptocurrencies waned. It has now pared back some of the recent losses and jumped by about 4% from the lowest point this month.
These gains could be limited since the coin has formed a rising wedge pattern. In price action analysis, this pattern is usually a bearish sign. And the wedge pattern is nearing its confluence level. It has also formed an inverted cup and handle pattern. Therefore, I supect that the coin will have a bearish breakout as sellers target the next key support at $0.0044, the lowest point in June.
How to buy Jasmy
Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from.
Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Avalanche price prediction
Avalanche price dropped to an important support level at $13.8 this week as cryptocurrencies retreated. It then bounced back as Trader Joe’s JOE token roared back. On the 4H chart, it seems like the coin has formed a small double-bottom pattern whose neckline is at $15. However, the coin remains below the 50-period and 100-period moving averages.
Therefore, because of the double-bottom pattern, AVAX price will likely continue rising as buyers target the neckline of the double-bottom pattern at $15. This price is about 4.50% above the current level.
How to buy Avalanche
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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