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- 1 Sui price currently trades at $0.5040 while observing a gain of 0.66% during the intraday trading session.
- 2 SUI price trades below 20, 50 and 100-day exponential moving averages.
- 3 The token unlock of Sui is scheduled for 3rd September 2023.
Sui price has been in a downtrend ever since it made an annual high of $2 and is currently hovering near the $0.50 level. Recently, the cryptocurrency price broke the major psychological level of $0.60 and melted to form a support at $0.47. SUI price then gained bullish momentum to retest the support turned resistance level of $0.60.
The price faced strong rejection from $0.60 and will soon reach the recent support of $0.47. There is a possibility for the price to form a support at $0.50. The previous candle closed as a strong bearish candle and the current candle is striving to form a support at $0.50.
If the price can break the recent support of $0.47, it might head down toward the next support level of $0.40. On the other hand, if bulls take control and strong support is formed at $0.50, the price might retest the $0.60 level.
On-Chain Activity of SUI
The daily active addresses of the Sui network have seen significant growth in the last three months. The daily active addresses have surged 1207.3% in the last 90 days, reaching 441,820. The DAA peaked on 20 August, reaching 613,170.
The daily transactions have also witnessed a strong growth of 706.4% in the last 90 days. However, the daily transaction peaked on 27 July, reaching 66.19 Million. Since then, there has been a strong decline. Currently, the daily transactions have reached 1.68 Million.
The total value locked has doubled since the start of August 2023. During the start of August, TVL was at $12.73 Million and as of 1 September, the total value locked amounts to $24.18 Million.
The upcoming unlocking event of SUI is scheduled for 3rd September 2023. About 34.62 Million tokens are to be unlocked, which are 4.37% of the circulating supply, worth $17.49 Million.
Will SUI Price Stay Above $0.50?
The 20-day exponential moving average has been acting as a resistance for the cryptocurrency price, indicating bearish momentum. Chaikin money flow (CMF) score has climbed above the 0 mark and currently trades at 0.04, suggesting slight strength and capital inflow in the market.
The relative strength index has dipped below the 50 mark and trades at 38.93, implying increased participation of sellers in the market which supports the price action. The long/short ratio is 0.91 with 47.72% longs and 52.28% shorts, indicating a higher position from the selling side in the last 24 hours.
Conclusion
The market structure and price action of SUI are bearish but there is the possibility of the formation of support at the $0.50 level.
Technical Levels
- Major support: $0.47 and $0.40
- Major resistance: $0.60 and $0.74
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
