According to the crypto whales, we are entering the bull rally in the crypto market by the end of August. DTX Exchange (DTX) and THORChain (RUNE) have already marked their position at the top as they have surpassed SUI. SUI from the bottom has increased around 100%, and DTX, after the 100% move in less than a month, has surpassed SUI and even THORChain (RUNE).
As we discussed in the earlier analysis, the THORChain (RUNE) has been trading in a major wedge pattern for over five months. Now, THORChian (RUNE) has touched the lower trendline and has proceeded to the upper trendline of the wedge. The expected level to break out from the wedge is around $4, and the next resistance after the breakout will be $5.
THORChain (RUNE) is trading in good price behavior despite the weak market conditions, but if it fails, the next support will be the $2.90 level from where it took support earlier.
DTX Exchange is quickly becoming a major player in the crypto market. The ongoing presale has already raised over $1.2 million and is projected to reach $2 million by the end of August 2024. Even popular crypto influencers, like Crypto Volt on YouTube, have recognized its potential, with Volt predicting that DTX Exchange could dominate the billion-dollar online trading sector.
DTX Exchange offers traders unmatched convenience by blending the best of centralized (CEX) and decentralized exchanges (DEX). On a single platform, users can trade over 120,000 asset classes, including stocks, forex, and cryptocurrencies. Since KYC checks aren’t mandatory, the platform is especially appealing to privacy-conscious traders.
The platform’s decentralized architecture gives users control over their private keys and assets, minimizing the risks of hacks and unauthorized access that are common with centralized exchanges. By integrating elements of centralized systems, DTX Exchange also ensures high liquidity and fast transaction speeds, solving the slow transaction times and liquidity issues often seen on DEX platforms.
Currently, DTX Exchange is in the second stage of its presale, with tokens priced at just $0.04. The token’s launch price is expected to be $0.12, making the current price seem highly undervalued.
The $0.887 level was a resistance zone for the SUI, but on August 10, it broke out from the level and touched the high of $1.180. After the high Sui price, we are not in the mood to pull back and retest the resistance zone. If it bounces strongly from that level, we can see another upswing; if not, the price will continue its journey downwards.
This breakout is also important because the SUI price has been trading in the channel for a long time now, and the breakout came with a strong volume. The breakout day volume was over double the previous day.
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Singapore, Singapore, 18th September 2024, Chainwire
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