While Ethereum’s current performance indicates a potential bullish rally in the near term, the SUI blockchain is facing challenges recovering after its Open Interest crossed $400 million. Meanwhile, DTX Exchange’s bullish presale momentum is heating up, pulling investors from various cryptocurrency projects, including SUI and other crypto giants, amid the market volatility.
Ethereum (ETH) Goes Head-To-Head With Bitcoin (BTC)
As of today, Ethereum has continued to hold its second spot in the crypto ranking. Analysts think ETH has made it possible through its scheduled advancements in Layer2 scaling solutions and DeFi engagements. While ETH’s recent performance has been above par, the shifting market sentiment is anticipating a breakout in the Ethereum network to drive it up further.
With its support at $2,568, ETH has held above this support level, suggesting firm stability in its price action. Its $2,719 resistance level poses a short-term challenge for ETH bulls looking to drive the price higher. Analysts see the 50-day EMA at $2,561 as additional support for ETH to reinforce Ethereum’s bullish structure while it’s targetting $2,815 in the near term.
Ethereum’s future outlook based on this month’s price action signals a strong breakout; the reason being its ongoing Layer2 advancements and increased DeFi activity on the Ethereum network. Moreover, the upcoming upgrades and network improvements lined up for the year ahead could also attract more interest, providing potential upward pressure for ETH.
SUI Might Not Be Able To Keep Above $2, And Here’s Why
SUI blockchain’s Open Interest crossed $400 million after its altcoin price surged back to the $2 level yesterday. For many investors, the increase in Open Interest suggests a potential for a continued uptrend. As of today, the SUI blockchain is trading at $2.00 with a $5.53 billion market cap and a 24-hour trading volume of $701.42 million, which dipped by 40.8% today.
Recent on-chain analysis suggests that this may not be the case. Open Interest measures the level of speculative activity around a cryptocurrency. So typically, when it goes up, traders get more exposure to an asset and add more liquidity to contracts related to the asset. Where on the other hand, a decreasing Open Interest shows that traders are closing existing positions and taking out their assets.
Based on data from Coinalyze, Sui blockchain’s Open Interest experienced a sharp decline on October 28. However, the same metric hit $401.99 million today, which indicates that traders’ interest in the SUI blockchain has increased. The rise also coincided with SUI blockchain’s rebound to $2.10 price level. However, its price has slightly dipped in the last 24 hours.
DTX Exchange (DTX) Listed Among “Best Infrastructure Altcoins”
DTX Exchange’s cutting-edge blockchain technology has ranked it among one of the highly successful projects of 2024. Investors are increasingly moving into this project for its cost-effective price as well as the bullish presale rally. DTX Exchange’s presale success has earned it a strong following from crypto whales as well as renowned crypto sites.
Just recently, DTX Exchange (DTX) went live on one of the largest crypto websites. Following its heated recognition, DTX Exchange was listed on CoinMarketCap after its presale numbers went off the charts. DTX Exchange has redefined crypto trading through its premium features, including 1,000X leverage, distributed liquidity pools, non-custodial wallets, and no KYC requirements.
DTX Exchange’s Presale Leads SUI Blockchain As Investors Move In
DTX Exchange’s booming recognition among retail traders and investors has dominated the SUI blockchain as its investors preferred DTX Exchange over it due to the frequent price changes and unexpected turbulence in the network. Comparatively, DTX Exchange (DTX) offers an affordable price point with highly lucrative opportunities and enticing benefits at $0.08 per token.
As Ethereum shows strong rally predictions for the near term, DTX Exchange leads the way with its top-notch scaling and lightning-fast trading solutions. Investors flock to this platform for massive gains and potential 25x opportunities with a cost-effective approach as its presale accelerates toward completion. Join now!
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