NOIDA (CoinChapter.com)—Crypto tokens have some exciting events coming up in April, with some lined up for this week. Blockchain project SUI has a token unlock in its calendar, while Bitcoin Cash has planned a halving party. ENA price has some bullish predictions from a prominent crypto expert.
Let’s dive in.
SUI Token Unlock Could Add To ATH Sell-Off Pressure
Blockchain project SUI unlocked 34.63 million tokens on April 3, worth nearly $61 million.
Token unlocks often turn out to be bearish for a crypto project since early adopters tend to book profits for their early investments. SUI also has another token unlock event lined up for later this month, on April 26, which would release 729,000 SUI tokens into the market.
Moreover, SUI is currently correcting after reaching a new ATH near $2.18 on March 27, which could add to the profit booking sentiment.
Moreover, the crypto token has formed a bearish technical pattern called the ‘Rising Wedge.‘
The pattern forms when an asset’s price consolidates between upward-sloping support and converging resistance lines resembling a wedge. Declining trading volumes often accompany a breakdown below the pattern.
The price target of the pattern is equal to the height of the back of the wedge. If the SUI price breaks below the bearish pattern, the token might fall to the theoretical price target near $0.92, a drop of over 46% from current levels.
If bulls manage to start a rally from here, the SUI token price could move above immediate resistance near $1.88 before targeting the resistance near $2.4.
However, profit booking risks pulling the token’s price down to the 100-day EMA (blue wave) support near $1.45. Breaching this immediate support could force the crypto token’s price rally to correct 34% from current levels and test the support near $1.13, which would confirm the bearish wedge pattern.
The RSI for SUI remained neutral, with a score of 47.77.
Bitcoin Cash Halving Excitement
Bitcoin Cash has a halving event scheduled for April 8, about two weeks before elder brother Bitcoin’s halving on April 19.
The halving event is a mechanism embedded in the DNA of Bitcoin Cash. It reduces the reward for mining a block by half, similar to the Bitcoin halving. The event occurs every four years and aims to control the supply of BCH. As such, it introduces a deflationary aspect to the cryptocurrency.
Historically, halving events have been bullish for the crypto tokens involved as they tend to increase speculation and interest in the affected cryptocurrency. And right now, BCH could do with a few bullish cues after dropping 15% in three days from April 1’s high of $703.
Should the halving excitement kick in, BCH price could rally to the resistance near $670. Breaching the immediate resistance might help Bitcoin Cash price rise to the 0.786 FIB resistance near $771 before paring gains.
On the flip side, a continued downtrend would see BCH price drop to the 20-day EMA (red wave) support near $537. Breaching the immediate support might force the crypto token to test the 50-day EMA (purple wave) support near $456.
The relative strength index for BCH remained neutral, with a score of 63.16 on the daily charts.
ENA Has Bullish Speculations In Its Favor
ENA is the native token of the Ethena Labs blockchain project. The ENA coin price spiked by over 64% to reach a daily high of nearly $1.03 on April 3, within a day of its launch.
Since its launch, Ethena Labs has achieved several milestones to ensure a steady growth rate. For instance, the DeFi platform successfully raised $14 million in Feb. 2024 from leading crypto venture capitals, including Dragonfly and Arthur Hayes’ Maelstrom Fund.
Hayes has been extremely bullish on the ENA coin, forecasting a $10 price target for the Ethena crypto token. The BitMEX founder noted that ENA price has shown massive growth during a relatively bearish market, speculating that the Ethena Labs token would likely paint a stronger rally once the market turns bullish.
