Journalist
Posted:
- SUKU crypto pumped over 30% to a high of $0.119.
- But it erased the gains amid the Bitcoin price decline; what are the recovery odds?
SUKU crypto, a global Web3 remittance platform, saw a massive pump early in the week, driven by a 250% surge in trading volume.
At the peak of its price pump of nearly $0.12, the volume increased from $1.7M to $12M, accompanied by a 30% price pump.
But it erased the gains and was down by 29% at the time of writing, following a broader market sentiment shift as Bitcoin dropped below $95K.
What’s next for SUKU crypto?
Source: SUKU/USD, TradingView
Since June, SUKU soared 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 aligned with the H2 2024 resistance level, which could reinforce bulls’ leverage if defended as a support. If so, SUKU could re-target the recent highs of $0.119.
However, should the sellers crack below the level alongside the 200-day MA, SUKU’s price could struggle below $0.08 for a while before gaining momentum for a likely breakthrough attempt at the 2024 resistance.
Market demand dropped
Source: Santiment
The price rally attracted more users and holders, as seen by the spike in active addresses. Given the uptick in social media dominance, token mentions across social media partly drove the market interest.
But the FOMO buying didn’t last, as the market sentiment shift triggered a massive drop in demand and sell-off. As illustrated by the decline in Spot Cumulative Volume Delta (CVD), sellers became dominant.
Read Bitcoin [BTC] Price Prediction 2024-2025
The trading volume also plunged, which could undermine SUKU’s price recovery. Any recovery chances could be likely only if a broader market sentiment shift changed alongside a significant volume surge again.
Source: Coinalyze
