Price Analysis 5/31: DOGE, TRX, ADA, HYPE, SUI

SUI is in an uptrend after rebounding from a dip to its lowest valuation in over thirty days. It is seeing a significant increase in buying pressure as buybacks resume.

The altcoin will look to reclaim lost levels in the coming days. Nonetheless, SUI is experiencing further price increases, like the rest of the crypto market. Nevertheless, the global cryptocurrency market cap is slightly lower than it was at the start, as some assets have yet to recover fully.

Bearish sentiment remains strong across the industry as the fear and greed index declines. It is at 55, almost 10 points lower than the previous day’s readings. It is the lowest value the metric attained in the last seven.

The trend explains the low participation in the crypto market at the time of writing. Trading volume plummeted by over 22% in the last 24 hours. Nonetheless, buying volume was relatively higher than the previous day.

Bitcoin leads the buybacks as it reclaims $104k. XRP exhibits a similar trend, reaching a high of $2.20 after testing the $2 support level. On-chain data shows that Ethereum is experiencing a similar trend as buying pressure surges.

A look at the one-day chart shows that some of the most bearish days in May occurred over the last five days. Let’s examine how some alternative cryptocurrencies performed.

DOGE/USD

Dogecoin started the week with no significant surge, printing a doji on Monday. The same trend continued the next day, followed by a 2% decline on Wednesday. The downtrend continued, and the biggest dip happened on Friday.

The largest memecoin opened the day at $0.21 and plummeted to a low of $0.19 before a slight rebound. It was one of the worst-hit coins, losing almost 10%. It continued downward on Saturday, hitting a low of $0.185, its lowest value in over two weeks.

DOGE trades at $0.194, showing that it reclaimed the lost level and trades above its opening price at the time of writing. However, this slight increase has yet to elicit a significant reaction from the indicators.

The moving average convergence divergence prints sell signals with the 12-day EMA continuing its downtrend. Nonetheless, other metrics, such as ADX and RSI, flipped bullish. The average directional index slightly altered its trajectory in response to the latest trend, indicating loosening grips by the bears.

The relative strength index is trending on a straight line, and the asset sees a slight increase in buying pressure.

Previous price movement suggests that the $0.20 may be DOGE’s next stop if the improvement continues.

TRX/USD

The one-day chart shows that TRX saw less volatility over the last five days. It had a sluggish start to the session but gained momentum the next day, rising by almost 2%. It had a change in price trajectory on Wednesday, registering its first red candle.

The downtrend worsens on Friday, with the asset dipping $0275 to a low of $0.266. It ended the day with losses exceeding 2% despite a slight recovery. The decline worsened on Saturday, causing the asset to retest the $0.26 support. It rebounded and traded at its opening price.

The one-day chart shows that the altcoin has been on an uptrend for most of the previous fourteen days. Its latest decline may be a healthy correction. However, indicators flipped negative and showed no sign of recovery.

The average directional index ended its uptrend on Thursday. It continues its downtrend amid the latest pullback, suggesting a strong downward in price. Nonetheless, RSI slightly altered its trajectory, indicating lesser selling pressure at the time of writing.

ADA/USD

Cardano is seeing a similar trend to SUI. It retested the $0.65 support a few hours ago but rebounded and is now trading at its opening price. The latest retest is no surprise, as a previous analysis stated that if the asset loses the $0.70 support, the highlight price will be its next stop.

Indicators like the relative strength index and the accumulation and distribution chart are reacting to the latest change in trajectory. RSI is trending on a parallel line, indicating equal buying and selling pressure. ADX slightly altered its downhill movement due to improving trading conditions.

However, the one-week chart shows that the altcoin is heading towards a bearish close. It is yet to recover from the previous four-day downtrend that saw the asset dip from $0.77 to $0.72, losing almost 9%.

The moving average convergence divergence prints further sell signal. The 12-day EMA continues to decline amid a slight improvement in buying pressure.

HYPE/USD

Hyperliquid is on the verge of ending the second day of consecutive gains. It recovered from a decline to $30.7 and trades a little higher than its opening price.

The asset experienced notable increases on Friday amid the general selling pressure across the crypto market. It surged to a high of $ 34.20 after rebounding from a low of $ 30.60. It ended the day with gains exceeding 4%.

RSI has since resumed its uptrend. It rose from 57 to 61 at the time of writing. A/D shows that the buyers are soaking up the excess supply.

However, HYPE is heading for a bearish close this week. It is yet to recover from its four-day decline. The asset lost over 20% during this period.

Indicators such as MACD and ADX have yet to react to the latest price improvement. The moving average convergence divergence prints further sell signal. The 12-day EMA continues to decline amid a slight improvement in buying pressure.

SUI/USD

SUI was one of the worst-hit coins by the previous day’s massive retracement. It dipped from $3.55 to a low of $3.17. The asset lost almost 10% during this decline.

It declined further a few hours ago, retesting the $3 support. Sui rebounded and is currently trading at $3.24 at the time of writing. The asset experiences a slight rejection after its minor retracement from $3.31. Nonetheless, the relative strength index prints bullish signals in reaction to the latest price improvement. ADX follows, slightly altering its downhill movement due to improving trading conditions.

However, the moving average convergence divergence prints further sell signal. The 12-day EMA continues downward amid the slight improvement in buying pressure.

The post Price Analysis 5/31: DOGE, TRX, ADA, HYPE, SUI appeared first on Cointab.