SUI, CHZ, COIN: Top Cryptocurrencies to Watch This Week

The global cryptocurrency market saw a notable recovery last week, posting a 2.79% increase and closing with a market capitalization of $2.21 trillion, adding $60 billion to its overall valuation. While Bitcoin (BTC) led the rally, several altcoins also contributed to the market’s rebound. Here are three standout performers to keep an eye on this week:

SUI Surges 28%

Sui (SUI) had an impressive week, soaring 28% from $1.75 to close at $2.24. Its most significant gains came during the market recovery on October 11 and 12, when it spiked by 21%. Although SUI experienced a 5.60% drop on October 9 following a bullish announcement involving Circle’s USDC, it currently trades at $2.2266. This places it above the upper boundary of the Keltner Channel at $2.2186, suggesting potential overbought conditions.

While the momentum remains strong, a period of consolidation or a minor correction could occur unless buying pressure persists. The Aroon Up indicator is at 100%, while Aroon Down sits at 28.57%, indicating a weak downtrend. Should Aroon Down rise this week, it could signal growing bearish pressure, with potential support at $1.8286.

Sui was developed by Mysten Labs, co-founded by former Meta Platforms engineers involved in the Diem (formerly Libra) project, including notable figures like Evan Cheng and Sam Blackshear.

CHZ Retests 4-Month High

Chiliz (CHZ) leveraged last week’s market movements to maintain its rounded bottom structure, closing with an 11.8% gain. The altcoin reached a 4-month peak of $0.0784 on October 9 before facing resistance. This week, CHZ has seen an additional 9% rally, pushing it above the upper Bollinger Band at $0.0752. A retest and bounce at this level would indicate sustained strength in the current uptrend.

However, if bearish pressure triggers a drop below the upper Bollinger Band, investors should monitor the 20-day moving average at $0.0663, which serves as critical support above the psychological $0.06 level. Founded in 2018 by entrepreneur Alexandre Dreyfus, Chiliz focuses on transforming fan engagement in sports and entertainment through blockchain technology.

COIN Records Six Consecutive Bullish Days

8-Bit Coin (COIN) had a remarkable performance last week, securing six bullish days out of seven. After starting the week strong, COIN maintained its uptrend from October 7 to 10, despite a broader market correction. The only dip occurred on October 9, with a 2.78% decline. Ultimately, COIN closed the week with a robust 22% increase.

Interestingly, COIN maintained a neutral RSI of 56.49, suggesting there’s still room for upward momentum. If bullish sentiment continues, the next resistance level is at $0.0007335, followed by a potential challenge at $0.00008016. It’s crucial for COIN to hold the key Pivot level at $0.0006232; a drop below this level could shift momentum toward bearish territory.

8-Bit Coin is a tribute to retro gaming systems like the Atari 7800 and operates on the Solana blockchain, focusing on gaming-related applications that allow users to earn rewards and engage with a community centered around nostalgia and gaming culture.

Conclusion

As the cryptocurrency market continues its recovery, SUI, CHZ, and COIN are set to be key players to watch this week. Each token demonstrates unique characteristics and potential for further growth, making them intriguing prospects for investors and enthusiasts alike.