Key Cryptocurrencies To Monitor This Week: Optimism, Bitcoin, And Sui

Last week, cryptocurrency prices exhibited mixed results amid growing concerns regarding tariffs, interest rates, and the $1.4 billion hack attributed to the Lazarus Group on Bybit.

Bitcoin (BTC) remained under the $100,000 threshold, while Ethereum (ETH) fell below the $3,000 level. The crypto fear and greed index shifted to neutral, with Bitcoin’s dominance holding steady at 60%. This article examines why Bitcoin, Optimism (OP), and Sui (SUI) will be in the limelight this week.

Bitcoin

BTC chart | Source: crypto.news

As the largest cryptocurrency, Bitcoin will draw attention this week, as technical indicators suggest a potential breakout or breakdown is imminent. The daily chart illustrates that it has been forming a symmetrical triangle pattern in recent weeks.

The convergence of the triangle’s lines signals that significant moves could be on the horizon, possibly this week since it marks the month’s end.

Key support and resistance levels to monitor are $88,960 and $109,100. A dip below $88,960, the lowest point since January, would suggest further declines, potentially targeting $73,350, the highest price from March of last year.

Conversely, a robust rally above $109,080 could indicate further gains towards $110,000, followed by $122,000.

Optimism

OP token chart | Source: crypto.news

This week, Optimism, one of the leading layer-2 projects in the crypto landscape, will be under the microscope due to a significant token unlock. On Wednesday, it will release tokens worth over $38 million, constituting 2% of the circulating supply. While this increase is notable, it’s not excessively large.

Additionally, there are regular daily unlocks of 257,000 OP tokens valued at over $303,000.

These token unlocks arrive at a critical juncture for the OP price, which was trading at $1.077 on Sunday, marking the lowest level since August of last year. Optimism has also formed a bearish flag pattern, indicating potential further declines in the upcoming weeks, with the next significant target at $0.791, the lowest price on February 3.

The Optimism token was developed by the Optimism Foundation, a non-profit established by Jinglan Wang, Karl Floersch, and Ben Jones. Launched in May 2022, the OP coin governs and incentivizes the Optimism Collective, aimed at funding public goods and decentralization efforts.

Sui

Sui token chart | Source: crypto.news

Sui, recognized as a leading layer-1 network, will be highlighted as it unlocks tokens valued at $111 million, or approximately 1.07% of the total supply. To date, it has released 39% of its total tokens, with the final unlock anticipated to occur in 2069.

The SUI token has experienced a 38% decline from its peak in January and has dipped below the 50-day moving average, indicating bearish pressure. Nevertheless, it has created a falling wedge pattern, a popular signal for potential reversals, and a small double-bottom pattern suggesting a possible rebound in the weeks ahead. A fall below the support level at $2.91 would negate this bullish perspective.

The Sui Layer-1 network was established by Mysten Labs, a blockchain infrastructure firm founded in 2021 by former Meta engineers who contributed to the Diem blockchain and the Move programming language.

Led by CEO Evan Cheng, CTO Sam Blackshear, and co-founders George Danezis, Avery Ching, and Kostas Chalkias, Mysten Labs aims to power the Sui network through its native cryptocurrency by facilitating gas fees, staking for security, governance participation, and DeFi applications.

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