SUI Rallies 28%, CHZ Retests 4-Month High as Market Recovery Continues

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

The global cryptocurrency market experienced a slight recovery during the past seven days, adding $60 billion to its overall valuation and bringing it to $2.21 trillion by Oct. 14.

This occurred despite a broader market downturn that saw losses of over $300 billion in the previous week.

While Bitcoin (BTC) spearheaded the rally with a 7.5% gain, several altcoins also played a role in the market's recovery. Below are some of the standout performers from last week.

SUI rallies 28%

Sui (SUI) had a strong showing last week, surging 28% from $1.75 to close at $2.24. Its most bullish moments came up during the market recovery on Oct. 11 and 12, during which it spiked 21%.

However, SUI dropped 5.60% on Oct. 9 despite a bullish announcement involving Circle’s USDC.

Currently trading at $2.2266, SUI is now above the upper boundary of the Keltner Channel at $2.2186, which indicates potential overbought conditions.

This suggests that while the momentum is strong, a period of consolidation or a minor correction could follow this week unless strong buying pressure persists. Volume remains high, so bulls could leverage this.

Meanwhile, the Aroon Up is at 100%. In contrast, Aroon Down at 28.57% indicates a weak downtrend. However, if the Aroon Down rises this week, this may indicate growing bearish pressure. In this case, SUI could find support at $1.8286.

The Sui token was created by Mysten Labs, a blockchain infrastructure company founded by engineers who previously worked at Meta Platforms on the Diem (formerly Libra) project.

The company was co-founded by notable figures including Evan Cheng, Sam Blackshear, Avery Ching, and George Danezis, all of whom contributed to Meta’s blockchain and cryptocurrency efforts before transitioning to build Sui.

CHZ retests 4-month high

Chiliz (CHZ), a cryptocurrency that powers the Chiliz blockchain, leveraged the broader market movements last week to maintain its rounded bottom structure, as it sustained a trend of lower lows.

See below.

The altcoin closed the week with an 11.8% gain, but its most impressive performance occurred as notable spikes throughout the week. For instance, on Oct. 9, CHZ rallied to a 4-month peak of $0.0784 before facing a roadblock.

Chiliz has now recorded another 9% rally in the new week, pushing it above the upper Bollinger Band at $0.0752. A retest and bounce off this level would signal continuous strength for a sustenance of the current uptrend.

However, if the bears are able to trigger a drop below the upper Bollinger Band, investors should pay close attention to the 20-day MA ($0.0663), which currently acts as the major support above the $0.06 psychological region.

Chiliz is primarily focused on the sports and entertainment industries. It was created by entrepreneur Alexandre Dreyfus in 2018, to transform fan engagement through blockchain technology.

COIN records six bullish days

Last week, 8-Bit Coin (COIN) secured six bullish days out of seven. Like the rest of the market, COIN began the week strong, but maintained its uptrend from Oct. 7 to 10 despite the broader market facing a correction.

The asset’s only bearish day came up on Oct. 9, when it dropped 2.78%. Meanwhile, it sustained a trend of lower lows that has played out since Oct. 4, eventually closing the week with an impressive 22% rise.

8-Bit Coin’s most impressive feat was maintaining a neutral RSI of 56.49 despite the 22% increase last week. This suggests that it still has room for further upward momentum.

If the bulls maintain the uptick, its next resistance level would come in at $0.0007335, after which it could battle the $0.00008016 resistance. Amid a recent drop, COIN must ensure it holds the crucial Pivot level at $0.0006232, as a slump below it could tilt the momentum to bearish.

The 8-Bit Coin is a cryptocurrency created as a tribute to retro gaming systems, such as the Atari 7800. It operates on the Solana blockchain and is intended for use in gaming-related applications, allowing users to earn rewards and participate in a community focused on nostalgia and gaming culture.