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

FXStreet Team FXStreet

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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Crypto Today: Bitcoin, Ethereum, XRP extend decline, pressured by increasing ETF outflows

Cryptocurrencies are trading under pressure on Thursday, weighed down by risk-off sentiment driven by Middle East tensions and macroeconomic uncertainty. Bitcoin has extended its decline below $65,000 and is targeting the key support area at $60,000.

Bitcoin’s massive storm is back: Why the sell-off is far from over

Bitcoin price action over the last few weeks has felt less like a normal, healthy correction and more like a slow grinding crash that continues to wreak havoc on holdings and trading accounts. And everything suggests that the dramatic crash isn’t over.

Hyperliquid and Near Protocol fall sharply as Arthur Hayes dumps HYPE and NEAR for Worldcoin

Hyperliquid (HYPE) and Near Protocol (NEAR) prices have dropped 11% and 17%, respectively, at press time on Thursday, erasing gains as the well-known investor Arthur Hayes dumps HYPE and NEAR holdings.

Pi Network hits record low as market-wide risk-off sentiment weighs

PI price hovers around $0.1300 at press time on Thursday, reflecting a mild rebound from the $0.1186 record low reached earlier on the day. Deposits totaling roughly 1 million PI tokens on exchanges over the last 24 hours suggest waning investor confidence amid a broader market risk-off sentiment.

Billions in ETF outflows don’t bode well

Bitcoin (BTC) remains under pressure, trading below $74,000 on Friday, and is set to post its third consecutive week of losses. The institutional sell-off continues, with spot BTC Exchange-Traded funds (ETFs) recording billions in outflows. In addition, sticky inflation and macroeconomic headwinds suppress the Crypto King’s upside potential. Institutional demand continues to weaken so far this week.

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