Why These Altcoins Are Trending Today — February 3

Sui (SUI)

Layer-1 coin SUI is a trending altcoin today. It currently trades at $3.11, registering a 17% price fall over the past 24 hours. This price point represents its lowest since last November as bearish pressure strengthens.

SUI’s Moving Average Convergence Divergence (MACD) indicator, assessed on a daily chart, confirms the weakening demand for the altcoin.

As of this writing, the coin’s MACD line (blue) rests below its signal line (orange). When this indicator is set up this way, it indicates bearish momentum. This means that the asset’s price may continue to decline.

If the downtrend persists, SUI’s price could fall to $2.10. Converesly, if it sees an uptrend, SUI’s price could rally toward $5.35.

SUI Price Analysis. Source: TradingView

Hyperliquid (HYPE)

HYPE is a trending altcoin today because its value has climbed by 3% over the past 24 hours, bucking the broader market trend.

The rise in HYPE’s Relative Strength Index (RSI) highlights the steady growth in the demand for the altcoin. At press time, this momentum indicator is in an upward trend at 50.76

An asset’s RSI measures its overbought and oversold market conditions. At 50.52 and in an uptrend, HYPE’s RSI suggests that the altcoin is gaining bullish momentum but has not yet entered the overbought territory. This indicates a potential continuation of the uptrend if buying pressure persists.

HYPE’s price could break above $24.10 in this scenario to trade at $27.57.

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Author: Abiodun Oladokun

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