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

SUI is on the uptrend after it rebounded 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 seeing further price increases as the rest of the crypto market. Nonetheless, the global cryptocurrency market cap is slightly lower than it started as some assets are yet to fully recover.

Bearish sentiment remains strong across the industry as the fear and greed index declined. It is at 55, almost 10 points lower than the previous day’s readings. It is the lowest value the metric attained on 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 hour. Nonetheless, buying volume relatively higher than the previous day.

Bitcoin leads the buybacks as it reclaims $104k. XRP sees a similar trend, hitting a high of $2.20 after testing the $2 support. Onchain data shows that Ethereum is seeing a similar trend as buying pressure surges.

A look at the one-day chart shows the last five days some of the most bearish in May. Let’s see how some altcoins performed.

DOGE/USD

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

The largest memecoin opened the day $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 is yet to trigger any significant reaction from indicators.

The moving average convergence divergence prints sell signals with the 12-day EMA continuing its downtrend. Nonetheless, other metrics like 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 the asset sees a slight increase in buying pressure.

Previous price movement suggest that the $0.20 may be DOGE 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 picked up momentum the next day, gaining almost 2%. It had a change in price  trajectory on Wednesday, registering it first red candle.

The downtrend worsen on Friday with the asset dipping $0275 to a low of $0.266. It ended the day with losses exceeding 2% despite small recovery. The decline worsened on Saturday, causing the asset to retest the $0.26 support. It rebounded and trades 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 shows no sign of recovery.

The avearge directional index ended it uptrend on Thursday. It continues its downtrend amid the latest pullback, suggesting a strong downward on 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 as SUI. It retested the $0.65 support a few hours ago but rebounded and trades 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 it 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 as the asset sees equal buying selling pressure. ADX slightly altered it 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 downward amid the slight improvement in buying pressure.

HYPE/USD

Hyperliquid is on the verge of ending the seconf 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 $34.2 after it rebouded from a low of $30.6. 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 buyer 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% in during this period.

Indicators like MACD and and ADX are yet to react to the latest improvement in price. 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.