The digital assets industry turned green on Tuesday as Bitcoin jumped from $63,910 to a daily high above $66,400.
Positive developments such as increased crypto recognition by US presidential candidates contribute to BTC’s upward strength.
While enthusiasts wait for the much-anticipated October rally, the market presented mixed actions today, with bears attempting to take over after the latest rally.
Bitcoin has retraced from its daily peak to $65,287. POPCAT’s ambitious move to $2 might not happen soon as indicators display increasing selling pressure.
Moreover, Sui displays bearishness as insider trading allegations dent the momentum that drove SUI’s over 100% price gain in the past month.
POPCAT stalls after recent gains
Meme token POPCAT stayed on the investor radar the previous month following its remarkable 90% increase to $1.37.
While analysts eye the $2 mark, fading demand, potentially triggered by profit-taking, suggests a looming pullback.
The altcoin’s Chaikin Money Flow has plunged gradually over the past two weeks, forming a bearish divergence with the soaring prices.
The indicator measures cash flowing out of an into an asset.
A declining CMF amid soaring prices shows weak demand and upcoming downtrends. It reads -0.05 at press time, according to TradingView.
Further, the Bollinger Bands indicates amplified volatility following POPCAT’s sharp rally.
Also, the token’s price moved beyond BB’s upper band over the weekend, signaling overbought conditions. That confirms possible retracements after solid rallies.
POPCAT trades at $1.35 during this publication, down 1.27% in the past day. It remains poised for increased selling pressure amid buyer exhaustion.
Source – Coinmarketcap
The FIB retracement tool suggests a potential decline towards the vital support floor at $0.90 – a 50% dip from current prices.
However, a massive bullish resurgence amidst broad market rallies would propel POPCAT to its $1.55 all-time high and open the path toward the $2 target.
Insider selling allegations ruin SUI’s upside party
L1 project Sui led crypto gainers over the past few sessions, with bullish topics such as the trending HIPPO meme coin propelling its value up by 104% in the last 30 days.
However, claims of the Sui Foundation selling assets worth over $400 million following the impressive rally have catalyzed downward pressure.
While the Foundation has denied the allegations, stating that the wallet in question could be of “an infrastructure partner who owns tokens under a lockup schedule,” SUI price plunged from $2.29 to a 24-hour low of $2.18.
Following an allegation of “Sui insiders selling $400M in tokens throughout this run-up,” Sui Foundation would like to respond directly to this individual:
1. No insiders, neither employees of the Foundation or Mysten Labs (including Mysten Labs founders), nor ML investors,…
The insider selling allegations triggered downswings from SUI’s $2.34 all-time high – attained on Monday.
The token trades at $2.21 during this publication, with analysts warning about further declines. Ali Martinez urged traders to build new SUI positions.
Martinez revealed that the TD Sequential signal, which has been accurate in forecasting SUI’s price actions on the seven-day timeframe, is “now flashing a sell signal.
Nevertheless, crypto enthusiasts will likely watch broad market sentiments to determine upcoming price trajectories.
A massive bull run that propels BTC well past $66,000 to $70,000 will catalyze substantial uptrends and recoveries in the altcoin space.
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