As Bitcoin struggles to break out of the critical $60,000 zone, SUI’s bullish momentum has led it to post the biggest daily gain among cryptocurrencies. Meanwhile, Poudlana has memecoin traders excited as there are less than 100 hours left until the coin launches to the public.
SUI is the biggest gainer today
One of the trending cryptocurrencies this week is SUI. At the time of writing, according to CoinMarketCap, its price has increased by 20.52% in the past 24 hours, making it the biggest gainer among cryptocurrencies. Notably, it has maintained this impressive momentum for several days, increasing by 118.82% in the past 7 days.
Bullish trader optimism continues to boost altcoins following Grayscale Investments' Aug. 7 announcement of the launch of two new mutual funds for Sui (SUI) and Bittensor (TAO) tokens, Reyhaneh Sharif Askari, head of product and research at the firm, said, “We are pleased to add Bittensor and Sui to our product suite. We believe Bittensor is central to the growth of decentralized AI and Sui will redefine smart contract blockchains.”
Looking at the daily chart, the SUI is above the 50-day EMA while the RSI is at 68. Moreover, it has risen above the descending channel, an aspect that suggests a strong bullish trend. In the short term, the price is likely to remain in the range between 1.1360 and 0.9710 as the bulls gather enough momentum to retest the June high of 1.1785. Conversely, a pullback above the aforementioned support level could see a drop to 0.8858 before climbing further.
Pudrana presale has 100 hours left
SUI has been one of the trending cryptocurrencies in recent sessions, but there are bigger expectations attached to one of the newest projects, Poodlana. Indeed, given all the facts and excitement surrounding the project, it could become the biggest Solana listing of 2024, potentially even surpassing Dogecoin.
With less than 100 hours left until the end of the presale, the project has already raised $6.76 million. In addition to its popularity as a meme coin, POODL's status is greatly boosted by its association with luxury goods. It is named after the poodle, a breed of dog often associated with high fashion, especially in Asia. Moreover, it has been packaged as the Hermes of the crypto world.
Notably, Poodlana buyers are optimistic that the upward trend will continue as trading begins an hour after the presale ends. Indeed, those who bought at the current price of $0.0499 have already locked in profits, as the next tier price is set at $0.0539. This means that with a modest investment of $150, you can get your hands on 3,006 tokens. Over the next 20 hours, that equates to 2,782 tokens. A big difference, right? Find out more about Poodlana tokens here.
Bitcoin Struggles Around $60,000
The extreme fears experienced a week ago seem to have subsided, but hesitation remains, which is why Bitcoin is struggling to break out of the $60,000 zone in the first trading session of the week.
On the daily chart, it continues to trade below the 25 and 50 EMAs, which confirms the view of last week's dead cat bounce. In the short term, it is worth keeping an eye on the 57,121 to 61,925 range.
