Is Bitcoin Cash Heading Towards $300? Investors Turn To Sui and NuggetRush

TLDR

• Bitcoin Cash (BCH) struggled to break the $250 resistance level in the past week, hindered by reduced network activity and a drop in active users, resulting in a 79% decrease in active addresses.
• Smart contract coin Sui (SUI) is set for a token unlock on November 3, 2023, releasing 34.62 million tokens worth $15.88 million, along with an additional 900,000 tokens on a gradual unlocking schedule.
• NuggetRush (NUGX) is a DeFi project focusing on creating an engaging and socially driven gaming community. It offers intense gaming experiences, rewards for players, and support for miners in developing countries.

In the dynamic cryptocurrency space, Bitcoin Cash (BCH) is struggling with a massive resistance level, frustrating its bullish momentum. In contrast, Sui (SUI) is preparing for a significant token unlock event, potentially introducing new momentum shifts to its market performance. Meanwhile, NuggetRush (NUGX) shines as an innovative DeFi gaming project, offering an immersive gaming experience and NFTs for in-game characters. Can Bitcoin Cash and Sui rise to compete with NuggetRush’s bullish momentum? Let’s explore here.

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Bitcoin Cash (BCH) Encounters Strong Resistance Undermining Its Bullish Momentum

In the past week, the price of Bitcoin Cash (BCH) remained below the $250 resistance level. On-chain data analysis identifies the major reasons undermining Bitcoin Cash’s (BCH) bullish momentum. Bitcoin Cash (BCH) seems to have met a price resistance at $245, while other cryptocurrencies recorded new 2023 highs.

Despite the recent crypto market surge, Bitcoin Cash (BCH) is facing challenges in gaining momentum. On-chain data analysis pinpointed a reduction in network activity as a key factor behind the stalled BCH price this week. On that note, the Bitcoin Cash (BCH) peer-to-peer network recently saw a notable drop in total active users. 

Why does this matter for the markets?

Interestingly, Bitcoin Cash Active Addresses decreased by 79% in the past week. Furthermore, the number of new users joining Bitcoin Cash’s (BCH) network has decreased by 85%. These factors seem to be undermining the token’s march toward $300.15.

On November 2, 2023, BCH was trading at $242.75. Analysts expect Bitcoin Cash (BCH) to rise to $255.45 by the end of 2023, supported by the bullish momentum in the crypto market. Hence, the token is among the best cryptos to invest in now.

Sui (SUI) Faces Token Unlock as TVL Reaches New Heights Causing Market Uncertainty

Based on token.unlocks.app data, smart contract coin Sui (SUI) has a token unlock scheduled for November 3, 2023. 34.62 million SUI tokens worth $15.88 million will be released. Of the unlocked tokens, 34.62 million or 4% of SUI’s circulating supply will go to the community access program.

An additional 900,000 tokens will be allocated with a linear unlocking schedule covering 26 days. The circulation volume increase of SUI tokens contributes to rising selling pressure on the asset. 

Will the unlock mean lower prices?

Although the imminent token unlock may have a bearish impact on SUI, fundamentals suggest a positive long-term performance.

Impressively, the total value locked (TVL) of SUI has increased constantly over the past month. SUI’s TVL reached $70.29 million, marking a milestone for the token. Higher TVL indicates a rising popularity of the asset among market participants.

On November 2, 2023, SUI was trading at $0.4736. Analysts say SUI will survive the token unlock to trade at $0.5355 by the end of 2023, supported by developments in its network.

NuggetRush (NUGX) DeFi Gaming Project Making Waves with Socially-Focused Innovation

NuggetRush (NUGX) is a new DeFi project striving to create an entertaining and socially focused gaming community. It delivers an intensive gaming experience that rewards players and supports artisanal miners in developing countries. NuggetRush (NUGX) enjoys lots of interest from the crypto space due to its commitment to creating an empowered and active community.

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NUGX token holders get rewards through quests, tournaments, ranked play, battles, and more. NuggetRush can be self-sustaining and revenue-generating with the assistance of gold dealers who send RUSHGEM awards directly to the miners’ locations. 

What makes NuggetRush (NUGX) more interesting is the fact that the game’s characters are also non-fungible tokens (NFTs).

NuggetRush’s (NUGX) presale is considered successful since it has sold more than 20 million tokens in the presale so far. NUGX tokens are now available at $0.012 in Stage 2 of the presale, and will rise in Stage 3. 

These impressive features and presale performance suggest the possible dominance of NuggetRush (NUGX) when it officially launches in the market after its crypto ICO concludes. With the listing price set at $0.020, NuggetRush (NUGX) is undoubtedly the best crypto investment in the current market.

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