Top Crypto Gainers on August 11 – RUNE And SUI

Crypto assets usually exhibit volatility, often drifting from expected price patterns due to regulatory interventions, supply and demand dynamics shifts, and broader macroeconomic influences. 

Today August 11, a significant group of cryptocurrencies are experiencing upward momentum in value appreciation, adoption rates, trading activities, etc. These include both established Crypto assets and emerging tokens yet to be listed.

Among the prominent beneficiaries of this current trend are tokens like RUNE, Launchpad XYZ, and SUI, which have emerged as leaders in price gains within the Crypto assets market. Technical analysis becomes crucial to gain insights into the underlying forces propelling these rapid surges, considering that many factors can impact the cryptocurrency ecosystem.

Keep reading to learn more!

THORChain (RUNE)

THORChain is a decentralized liquidity protocol that facilitates seamless Crypto assets asset exchanges across various blockchain networks while ensuring users retain control over their assets. Powered by the $RUNE utility token, THORChain enables users to swap Crypto assets without relinquishing complete ownership of their digital assets. 

Today’s surge in THORChain’s coin has garnered attention to the protocol, triggering more trades and utility across the platform. The new features, Streaming Swap, and DeFi Lending, have contributed to this surge thanks to the excitement surrounding these recent updates across THORChain’s community.

When lending is turned on, $RUNE becomes deflationary:
1) All derived asset slip fees permanently burn RUNE
2) Perma-locked loans will never redeem RUNE (these are non-zero and constantly increase)

More burn features are planned.

— THORChain (@THORChain) August 10, 2023

As of 11:33 am EST, THORChain (RUNE) has increased by 3.69% to $1.09. Also, its 24-hour trading volume has shot up by 9.07%, recording over $47.2 million within the same time frame.

Given the market’s response to these recent updates on the protocol, there are speculations that RUNE could see more rallies in the future if more revolutionary features and updates are released.

RUNE’s Green Candle Stick Build-up Suggests Market Uptrend

RUNE/USD Daily Chart | Source: Tradingview.com

The chart above shows green candle sticks building up, suggesting RUNE’s price movement in a market uptrend over the last six days. Also, the asset is trading above the 50-Day Simple Moving Average (SMA), indicating a bullish market trend in the short term. 

RUNE’s Moving Average Convergence Divergence (MACD) indicator is above the signal line and has bold green indicators. This shows that the coin has been bullish and supported by strong bullish momentum in the last five days. This further hints at RUNE’s potential for more bullish market movement in the coming days.

In the chart above, the green candle stick formation shows increased buying pressure today. This also reflects on the asset’s Relative Strength Index (RSI), which has shot up to the overbought zone (above 70).

While RUNE’s market is projecting a bullish market trend in the short term, it is still bearish considering the 200-Day SMA above the coin’s price. As such, traders and investors should closely monitor RUNE’s price movement as a temporary rebound and trend reversal could occur.

Launchpad XYZ (LPX)

The all-web3-in-one platform, Launchpad XYZ, is attracting a wider range of audience with its revolutionary resources that aim to help users elevate their game in the ever-evolving crypto landscape.

Stay sharp and evolve with the market 🚀

With #LaunchpadXYZ's resources, gain the skills to navigate the ever-changing #Crypto landscape confidently

Join our FREE signals group today
👉https://t.co/ZUZaIKgy84
#Web3 #Presale #CryptoCommunity #Trade pic.twitter.com/QZ77ac9IPX

— Launchpad.xyz (@launchpadlpx) August 11, 2023

With features like the AI assistant, Launchpad’s users will have real-time access to market news, sentiment, insights, and ideal trade setups from professional traders to help make informed decisions in their next trades.

Launchpad’s Trading Edge will provide users an environment to create their preferred trading framework, using blazingly swift trading terminals to perform trades at the best times.

With the ground-breaking ranking system, Launchpad Quotient, the project intends to utilize 400+ data points to evaluate financial, social, and market data to provide trust and confidence rankings for various digital assets. This will enhance users’ investment choices with unmatched insights into promising digital opportunities.

$LPX – Web3 Home Presale Makes Wave in the market

$LPX’s presale has reached $1.26 million and is currently selling at $0.0445. The project expects a hard cap of $1.55 million at the end of the presale. Considering the loader bar position, $LPX is selling out rapidly and could end early before the expected end date.

Since this token is the primary currency for all transactions and activities on the Launchpad XYZ platform, investors should buy it while it is cheap. Those interested should visit the presale website and swap their USDT or ETH for $LPX or make payments with their bank cards.

Sui (SUI)

Sui (SUI) is a unique Layer 1 smart contract and blockchain platform for private, swift, secure digital asset ownership. Built on Move language, it offers parallel execution, sub-second finality, and robust on-chain assets.

Recently, the platform has curated an avenue to give its users a source of passive income via its Sui 8192. Allowing users to play on the Sui 8192 competition grants them daily $SUI rewards.

📢A new competition from our partner @EthosWalletXYZ – play Sui 8192 for your chance to win daily SUI rewards! ✨ https://t.co/NlW7FcJpsG

— MystenLabs.sui (@Mysten_Labs) August 8, 2023

The first competition commenced on August 8 at 3 pm UTC and is still ongoing. This competition has triggered increased utility on the platform, driving more gain for the SUI token. Although SUI has plunged by 0.22% to $0.5989, its upward trajectory signals potential gain before the coming week.

SUI Projects Strong Bullish Momentum on MACD

SUI/USD Daily Chart | Source: Tradingview.com

SUI is trading between the middle and lower Bollinger Bands, indicating a period of consolidation. This shows that the asset is not making significant upward or downward movements. Traders may interpret this as a time to pause traders before the next potential price trend.

The asset’s Relative Strength Index (RSI) is at 38.91, pointing downward. This suggests that the SUI’s recent price movements have been predominantly negative, indicating a bearish momentum in the short term.

Also, the RSI’s downward movement indicates increased selling pressure, pushing the coin’s market to the oversold region (below 30). While this is bearish, a price rebound will likely occur as buyers may step in when the coin’s price diminishes further.

On the other hand, SUI’s Moving Average Convergence Divergence (MACD) indicator is above the signal line and has green histogram bars. This shows that the asset’s bullish momentum is strong and could trigger a positive market sentiment before next week.

Conclusion

The assets above have depicted significant growth and achievements in the last 24 hours of August 11. While our analysis hints at what to expect in the coming week, it’s vital to remember that cryptocurrencies are volatile and are influenced by several factors. 

Thus, proper risk management and comprehensive research are vital when considering any of them for investment.