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Sui Blockchain made headlines by partnering with RedBull Racing.
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Jasmy has formed a rising wedge pattern on the hourly chart.
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AVAX has formed a double-bottom pattern.
Cryptocurrency prices remained in a consolidation mode this week even after the US Congress voted for a bipartisan bill to avert a government default. They also wavered as volume of coins traded in centralized and decentralized exchanges (DEX) fell. Bitcoin is still hovering at the key point at $27,100 while Ethereum has been stuck below $2,000. In this article, we will highlight some of the most notable cryptocurrencies this week like Jasmy, Avalanche, and SUI.
Sui price prediction
Sui is a new blockchain project that aims to become the best alternative to layer-1 networks like Avalanche and Ethereum. This week, the coin plunged to a low of $0.90, which was sharply lower than its all-time high of $1.1140.
The biggest news was that the company was partnering with RedBull Racing, the leading Formula 1 team. This partnership will see the logo pasted in the Formula 1 cars. Sui Blockchain will also roll out several digital experiences for the team, as we wrote here.
This is an important partnership but investors should take it with a grain of salt. In the past, blockchains that partnered with Formula 1 teams like Tezos and Velas did not outperform the market.
The hourly chart shows that the token has rebounded after the new agreement. It still remains below the 25-period and 50-period moving averages. Therefore, I suspect that the token will resume the bearish trend during the weekend as investors assess the Red Bull partnership. If this happens, the next level to watch will be at $0.9090, this week’s low.
How to buy SUI
Jasmy price prediction
JasmyCoin is a small but well-known Japanese cryptocurrency that is seen as Japan’s version of Bitcoin. Like other cryptocurrencies, the token plunged to a low of $0.0044 as interest in cryptocurrencies waned. It has now pared back some of the recent losses and jumped by about 4% from the lowest point this month.
These gains could be limited since the coin has formed a rising wedge pattern. In price action analysis, this pattern is usually a bearish sign. And the wedge pattern is nearing its confluence level. It has also formed an inverted cup and handle pattern. Therefore, I supect that the coin will have a bearish breakout as sellers target the next key support at $0.0044, the lowest point in June.
How to buy Jasmy
Coinbase
Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
Avalanche price prediction
Avalanche price dropped to an important support level at $13.8 this week as cryptocurrencies retreated. It then bounced back as Trader Joe’s JOE token roared back. On the 4H chart, it seems like the coin has formed a small double-bottom pattern whose neckline is at $15. However, the coin remains below the 50-period and 100-period moving averages.
Therefore, because of the double-bottom pattern, AVAX price will likely continue rising as buyers target the neckline of the double-bottom pattern at $15. This price is about 4.50% above the current level.
How to buy Avalanche
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
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- Source: https://coinjournal.net/news/crypto-price-predictions-sui-jasmy-avalanche-avax/