- Ethereum, Shiba Inu, and Sui are leading the cryptocurrency market’s bullish momentum, with Ethereum surpassing $3,000, Shiba Inu posting a 21% gain, and Sui hitting a new all-time high of $3.14.
- These altcoins are set to continue their growth, but investors should watch for potential pullbacks and key support levels in the coming week.
The global cryptocurrency market has been buzzing with activity, reaching new heights in the past week. With the market cap surging to $2.85 trillion, it marks the most bullish period since early March. Bitcoin led the charge, but altcoins like Ethereum (ETH), Shiba Inu (SHIB), and Sui (SUI) are also making waves. Here’s a closer look at these top performers to keep an eye on this week.
Ethereum Reaches New Heights
Ethereum capitalized on the overall uptrend last week, soaring to reclaim multi-month highs. Despite an initial drop of 2.8% on November 4, ETH bounced back with a 27.3% weekly gain, highlighted by a dramatic 12.49% surge on November 6. This marked Ethereum’s largest intraday gain in three months, pushing it above $3,000 for the first time in months.
ETH closed the week above $3,100, breaching the upper Keltner channel, signaling an overbought condition. The Relative Strength Index (RSI) surged to 75.62, indicating that the bullish momentum might face a temporary pullback, with the next major support at $2,981. However, if the bulls remain in control, Ethereum could continue climbing toward its next resistance level at $3,396.
Shiba Inu’s Impressive Rally
Shiba Inu (SHIB) also saw a significant rally last week, posting a 21% gain, its best performance in over a month. The meme coin followed the broader market’s uptrend, but its standout moment came on November 9 when it broke past the crucial $0.00002 resistance level for the first time in nearly a month. SHIB maintained its gains and closed the week at $0.00002050.
The MACD indicator recorded a bullish crossover on November 6, signaling further positive momentum. Currently trading above $0.000022, Shiba Inu’s next hurdle lies at its June peak of $0.00002622. Should a pullback occur, support levels are found at the 23.6% Fibonacci level around $0.00002157.
Sui Hits a New All-Time High
Sui (SUI), the native token of the layer-1 blockchain, has been on a strong upward trajectory. The asset recently hit a new all-time high of $3.14, surpassing its previous peak of $2.36. The token spiked by 20% on November 9, reaching the $3 price territory for the first time since its launch. As the new week began, SUI broke through the $3 mark, hitting $3.14 before settling back to $3.1.
With a Stochastic Momentum Index of 79.1, SUI is nearing overbought levels. Investors should keep an eye on the $2.75 support level in case of a market pullback, but if momentum persists, SUI may continue its bullish run.
Conclusion
The cryptocurrency market is on fire, and Ethereum, Shiba Inu, and Sui are leading the charge. As the market continues to evolve, these assets remain key players to watch for potential growth and market shifts. Whether you’re an investor or an enthusiast, it’s an exciting time to follow these cryptocurrencies.
