Looking at the charts, SUI price analysis reveals that Sui Network is primed for a significant price rally, leaving some FOMO investors asking is it too late to buy SUI?
This comes amid impressive growth in SUI’s DeFi offering, which has recently seen total value locked (TVL) surge to a current $329m.
The dramatic DeFi growth has seen sentiment flip bullish, as SUI now stands as the 13th biggest DeFi provider – ahead of rival Aptos and Bitcoin networks.
SUI Price Analysis: As Sui Network Attempts Consolidation – Is SUI Price Due to Bounce?
With price finding feet, Sui Network is currently trading at a market price of $1.09 (representing a 24-hour change of +1.78%).
This comes following a -30% localized retracement move, after SUI rejected from upper trendline resistance at $1.44.
However, the SUI price appears to have caught support from the ascendant 20DMA, which currently stands at $1.06 – in a move that appears to be allowing price action to consolidate.
If the 20DMA fails, then there could be a dramatic -28% price drop to lower support at $0.78.
Looking at Sui Network’s indicators, the RSI has cooled off amid the downside move, yet still remains at a bearish divergence around 54.61 – suggesting price could push lower.
This is matched by a minor bearish divergence on the MACD, which is signaling a reversal in momentum at -0.0217.
Overall, Sui Network is facing a potential bounce on the chart – a further 24 hours of consolidation at this level could prime the next upside move.
To the upside, SUI price remains targeting a move to $1.22 (a potential +11.43%).
While downside risk could see SUI price plummet to $0.78 (a possible -28.76%).
Therefore SUI price analysis suggests a short-time frame risk: reward ratio of 0.4 – a bad entry characterised by short-time risk and certainly worth waiting for confirmation of consolidation.
In the meanwhile, as SUI fights for support, a better play is emerging in the Meme Kombat presale.
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What are you buying in the dip? pic.twitter.com/G3Txa3xO3b
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Season 1 of the project promises 11 unique meme characters, ensuring plenty of action. Season 2 is already planned for December 2023. The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable.
SUI Price Analysis Blues? Meme Kombat Pits Meme Communities in High Octane Staking Battles
The project goes beyond excitement; it’s founded on trust. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
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