SUI, CHZ, COIN: Top cryptocurrencies to watch this week

The global crypto market made a recovery last week, posting a 2.79% increase and closing with a market capitalization of $2.21 trillion.

This surge added $60 billion to the market’s overall valuation.

While Bitcoin (BTC) led the rally, several altcoins also contributed to the market’s recovery. Here are some of the standout performers from last week:

SUI rallies 28%

Sui (SUI) had a strong performance last week, surging 28% from $1.75 to close at $2.24. The most significant gains occurred during the market recovery on October 11 and 12, when the token spiked 21%.

Despite this rally, Sui experienced a 5.60% drop on October 9, even following a bullish announcement regarding Circle’s USDC. Currently trading at $2.2266, SUI is above the upper boundary of the Keltner Channel at $2.2186, which suggests potential overbought conditions.

This indicates that while momentum is strong, a period of consolidation or a minor correction could be on the horizon this week unless strong buying pressure continues. Volume remains high, allowing bulls to capitalize on the situation.

The Aroon Up indicator is at 100%, while the Aroon Down is at 28.57%, pointing to a weak downtrend. However, if the Aroon Down rises this week, it could signal increasing bearish pressure, with potential support for SUI at $1.8286.

The Sui token was developed by Mysten Labs, a blockchain infrastructure company founded by engineers who previously worked on Meta’s Diem (formerly Libra) project. The co-founders, including Evan Cheng, Sam Blackshear, Avery Ching, and George Danezis, played key roles in Meta’s blockchain and cryptocurrency initiatives before establishing Sui.

CHZ retests 4-month high

Chiliz (CHZ) had a solid week, benefiting from broader market movements to maintain its rounded bottom structure while continuing a trend of lower lows. The altcoin closed the week with an 11.8% gain, and its most impressive performance included notable spikes throughout the week. On October 9, CHZ surged to a four-month peak of $0.0784 before encountering resistance.

In the new week, Chiliz recorded an additional 9% rally, pushing it above the upper Bollinger Band at $0.0752. A successful retest and bounce off this level would indicate sustained strength in the current uptrend.

However, if bearish pressure leads to a drop below the upper Bollinger Band, investors should monitor the 20-day moving average at $0.0663, which currently serves as key support above the psychological $0.06 level.

Chiliz primarily targets the sports and entertainment sectors. Founded by entrepreneur Alexandre Dreyfus in 2018, the platform aims to enhance fan engagement through blockchain technology.

COIN records six bullish days

Last week, 8-Bit Coin (COIN) experienced a strong performance, securing six bullish days out of seven. The asset began the week on a positive note and managed to maintain its uptrend from October 7 to 10, despite a broader market correction. The only bearish day was October 9, when it dropped 2.78%, but it ultimately closed the week with an impressive 22% increase.

Notably, 8-Bit Coin maintained a neutral Relative Strength Index (RSI) of 56.49 throughout the week, indicating potential for further upward momentum despite the price rise.

If the bullish trend continues, the next resistance level is at $0.0007335, followed by a more significant hurdle at $0.00008016. It’s crucial for COIN to hold the important pivot level at $0.0006232; a drop below this level could shift momentum toward a bearish outlook.

8-Bit Coin is a cryptocurrency created as a tribute to retro gaming systems, like the Atari 7800. It operates on the Solana blockchain and is designed for gaming-related applications, allowing users to earn rewards and engage with a community centered on nostalgia and gaming culture.