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Cryptocurrencies Price Prediction: Monero, Polygon & Sui — Asian Wrap 07 August

Cryptocurrencies Price Prediction: Monero, Polygon & Sui — Asian Wrap 07 August
FXStreet TeamFXStreet TeamFXStreet

Monero Price Forecast: Privacy coin hits two-month low 

Monero (XMR) price trades in the red around $284 at the time of writing on Thursday, extending its losses by 6% so far this week to hit a fresh two-month low. Bearish sentiment is growing, as reflected in rising short positions and increased activity in the futures market. The technical analysis suggests that a sustained close below the $277.96 support level could pave the way for a deeper pullback toward the $241.95 mark.

Crypto Market Gainers: POL, DEXE, CAKE surge as Ethereum reclaims $3,700

Polygon (POL, previously known as MATIC), DeXe (DEXE), and PancakeSwap (CAKE) emerge as front-runners in the cryptocurrency market, driven by Ethereum (ETH) reclaiming the $3,700 mark, as they are or were primarily Ethereum-based projects. The technical outlook holds an optimistic lens as the altcoins gradually regain bullish momentum to face critical resistance levels. POL edges higher by over 2% at press time on Thursday, extending the uptrend for the fifth consecutive day.

Sui Price Forecast: SUI derivatives and on-chain data hint at a bearish shift

Sui (SUI) price is showing signs of weakness, trading below $3.5 at the time of writing on Thursday after closing below its ascending trendline. Bearish cues from on-chain and derivatives data, such as negative Spot Taker CVD and a rise in short positions to a one-month high, add weight to the downside outlook. The technical analysis suggests a weakness in momentum, suggesting a short-term correction for SUI.

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XRP edges lower despite record on-chain activity and steady ETF inflows

XRP edges lower despite record on-chain activity and steady ETF inflows

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual Decentralised Exchange had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Hyperliquid Price Forecast: Bulls aim breakout as RSI and MACD flash buy signal

Hyperliquid Price Forecast: Bulls aim breakout as RSI and MACD flash buy signal

Hyperliquid struggles to surface above $35 as a local resistance trendline caps the two-day recovery run. Hyperliquid Strategies Inc. (PURR) transfered 12 million HYPE tokens to Hypercore and staked 425,000 tokens, which reflects confidence. 

Cardano builds recovery momentum as sentiment improves

Cardano builds recovery momentum as sentiment improves

Cardano is extending its recovery for the second consecutive day, trading at around $0.4400 at the time of writing on Thursday. If this recovery leg from Monday's $0.3707 level steadies in the coming days, Cardano bulls could push toward a bullish December.

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Bitcoin: BTC steadies as data suggests local bottom

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.