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

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.