Cryptocurrency prices were added as concerns about tariffs, interest rates and $ 1.4 billion Lazarum Group hack on tariffs, interest rates and bibits.
The price of Bitcoin (BTC) was below $ 100,000, while the Ethereum (Eth) crashed below a mark of $ 3,000. Crypto fear and greed index moved to a neutral point, while bitcoin dominated 60%. This article explains why bitcoin, optimism (OP), and needle (needle) will be in the spotlight this week.
Bitcoin
Bitcoin, the largest cryptocurrency, will be in the headlines this week as the technology soon points to a final breakout or breakdown. The daily chart above shows that it has continued to create a symmetric triangle pattern in the last few weeks.
Two rows of this triangle pattern are now near their confluence level. This is an indication that they will do big tricks soon, potentially this week since this is the last one of the month.
The major support and resistance levels for view are $ 88,960 and $ 109,100. Its lowest level in January will indicate a break below the support level at $ 88,960, a more negative side, potentially $ 73,350, the highest point in March last year.
On the other hand, a strong step above $ 109,080 will grow to $ 110,000, followed by $ 122,000.
Optimism
Optitude, one of the largest layer -2 projects in the Crypto industry, will focus this week as it conducts a large token unlock. It will issue tokens worth more than $ 38 million on Wednesday. These tokens will be equal to 2% of the float, or the number of tokens actively trading in the market. This is a notable but does not have a huge increase in circulation.
They will be at the top of the daily token unlock of 257,000 OP tokens worth more than $ 303,000.
These tokens come at a time when the price of OP is sitting at a major level. It was trading at $ 1.077 on Sunday, the lowest swing in August last year. Optimism has also created a recession flag pattern pointing to a more negative side in the coming weeks. The accident will push it at $ 0.791 at the next major point, which is its lowest level on 3 February.
The optimism token was created by the optimism Foundation, a non-profit established by Jingen Wang, Carl Flosh and Ben Jones. Launched in May 2022, OP CoinPvers Governance and Inscents in optimism collective, a system designed for public goods and decentralization initiatives.
Needle
The needle, one of the top layer -1 network, will also be in the spotlight as it unlocks a $ 111 million token, equal to 1.07% of the total float. It has now unlocked 39% of all its tokens, which is expected to be the final unlock in 2069.
The SUI token has fallen to 38% from its highest level in January. It has gone below the 50-day moving average, a sign that is under bear control.
However, it has also created a falling wedge pattern, a highly popular inverted signal. It formed a small double-bottom pattern, pointing to a strong rebound in the coming weeks. A drop of support at $ 2.91 will rejuvenate the scene rapidly.
The SUI Layer -1 Network was built by Miston Labs, a blockchain infrastructure company, founded in 2021 by former Meta engineers, who worked on Dayay blockchain and transferred the programming language.
Miston Labs is headed by CEO Ivan Cheng, CTO Sam Blackshier and co-founder George Danzis, Every Ching and Costas Chakyas.
SUI’s native cryptocurrency provides strength to the network by facilitating gas fees, safety, government participation and staking for Defi applications.
