he cryptocurrency market remains very volatile and a period of growth, at least for altcoins. Recent data indicates that SUI, Shiba Inu, and PEPE have all seen phenomenal changes in price in the last few hours. Each has its own trends and potentially different future directions.
SUI Surges Past $2 with 16% Increase
SUI has been in the headlines for breaking above the $2 psychological barrier, up about 16% in value. Currently, at $2.07, SUI is already knocking on the $6 billion market cap barrier. The rise has been a continuation of a strong rebound from a low of $0.46, which reflects an amazing price gain of 342% over the last three months.
The recent price action indicates a bullish reversal on the back of a breakout from a falling channel. It is further assisted by upward momentum as evidenced in the technical indicators, such as the 50-day Exponential Moving Average, which has shown good alignment.
The RSI has also signaled in the same direction, almost reaching overbought conditions. Analysts point out that if SUI succeeds in breaking its overhead resistance, it may aim for the $3 mark, with further projections at as high as $4.80 using Fibonacci retracement levels.
Shiba Inu's Historic Gains
Shiba Inu has also been in the news, especially its lead developer, Shytoshi Kusama, who recently pointed to the token's astonishing 33,774,726% surge in price since it was created.
This giant surge further cements SHIB as one of the best performers from the last decade, highly outpacing more traditional investments, such as Bitcoin, which has gained some 569,772% during that time frame.
Although it currently trades for $0.00001882, down about 77.8% from its October 2021 all-time high, SHIB is still up 34,089,185% from its initial value. Kusama emphasized that the Shiba Inu ecosystem still requires so much development and implored investors not to dismiss future gains in SHIB.
PEPE Shows Bullish Indicators Amid Increased Demand
While interest in it increases, at least for some period, a big jump in large transactions has made PEPE bullish. The token is trading at $0.000009469, up about 5.6% in the last 24 hours.
This increase is buoyed by the whirlwind upward trajectory of PEPE transactions from 1.96 trillion to 7.71 trillion in one day, which, per IntotheBlock, signifies the robust buying pressure coming from whales controlling about 48% of the token supply.
Technical analysis hints that a break of the resistance at $0.0000097 by PEPE might see the token aim for a 36% rally toward the 1.618 Fibonacci level of $0.0000129. The Chaikin Money Flow is also showing an increase in buying pressure, as defined by a positive value that denotes renewed investor interest. Investors should carefully observe these events continue through the coming weeks.
