In the face of an overall market downturn, experienced investors are looking for buying opportunities. We will examine the current situation and the outlook for several altcoins.
Overall Cryptocurrency Market Overview
The total valuation of the cryptocurrency market stands at $3.76 trillion, with a weekly decline of 3.32%. Bitcoin dominance has increased to 61.1%, while Ethereum's share has decreased to 11.8%. The Fear & Greed Index currently hovers at 57, indicating neutral market sentiment.
Prospects of Monero (XMR)
Monero is currently trading at around $307.59 with a market cap of ~$5.66 billion, down by 4.79% over the past week. Despite a recent upgrade via the Saga Network, which improved transaction validation and scalability, the token has faced considerable selling pressure. The price has recently broken below the psychological level of $309 and is now near a long-term support band between $290 and $320. The RSI sits near 39.97, signaling oversold conditions. Fundamental tailwinds like growing interest in privacy coins could push the XMR price to $400 in the future.
Prospects of Hyperliquid (HYPE) and SUI
Hyperliquid is trading at $39.70, marking a decline of nearly 5.87% week-over-week, with a market cap of about $13.23B. The token is down about 20% from its peak and is nearing its 78.6% Fibonacci retracement level around $35. The Sui token is currently at $3.46, with a 6.09% loss over the last week. A significant token unlock occurred recently, releasing $210.41M worth of SUI tokens. If SUI can reclaim the midline at ~$3.86, it may open the door to a rally toward resistance zones at $4.75 or even $5.50 for SUI price.
Amid the current volatility in the cryptocurrency market, investors may consider altcoins such as Monero, Hyperliquid, and SUI as potential investments with growth prospects in the future.
