SUI Price Forecast: Technical indicators show bearish divergence
Sui (SUI) price extends its decline on Wednesday after being rejected from its all-time high of $2.18 on Monday. Technical analysis further supports a short-term decline, as the formation of a bearish divergence on a momentum indicator suggests weakening upward momentum.
Ripple Price Forecast: Canary Capital files for XRP ETF
Ripple (XRP) stabilizes around $0.530 on Wednesday after facing rejection from its daily resistance level on Monday. Canary Capital’s official filing for an XRP Exchange Traded Fund (ETF) with the US Securities and Exchange Commission (SEC) on Tuesday is generally a positive development. However, technical analysis and on-chain metrics indicate a potential short-term correction for Ripple.
Bitcoin Price Forecast: BTC on-chain metrics show weakness in institutional demand
Bitcoin (BTC) stabilizes above $62,000 on Wednesday after a minor decline on Monday. A firm daily close below this level would suggest a decline ahead. Moreover, BTC shows weakness in institutional demand, highlighted by $58.20 million outflows in US Spot Bitcoin ETFs and a falling Coinbase Bitcoin Premium Index. In addition to these bearish signs, the US government has gained control over 69,370 BTC from the Silk Road funds, worth $4.33 billion, which might create Fear, Uncertainty, and Doubt (FUD) among traders, potentially adding further bearish pressure to Bitcoin price.
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