Sui Network is undertaking an upside push in the latest rally, but as the network hits major milestones – this article will take a look at whether it’s too late to buy SUI, given its recent rise.
The continued upside pressure comes amid positive project news from the Sui Network, spotlighting the milestone accomplishment of a whopping $500m in total value locked (TVL) across the ecosystem – landing Sui Network in the top 10 biggest DeFi projects.
$SUI
One of the strongest performers out there. Currently retesting the former ath level from above, can easily see this continue it’s price discovery from here tbh.
This are the kind of charts you will see all around when the bull has truly started. Many coins are still on… pic.twitter.com/vuC4Rqfimn
— Mammon (@mammontrading) February 5, 2024
Trader sentiment across the crypto community remains remarkably bullish on SUI price action, with eagle-eyed investors highlighting the dwindling gap between current price levels and SUI’s previous ATH – which suggests SUI price exploration could be right around the corner.
SUI Price Analysis: As Sui Network Mounts Sustained Rally Push – Is It Too Late to Buy Sui?
With price action testing upper trendline resistance, Sui Network is currently trading at a market price of $1.53 (representing a 24-hour change of -2.7%).
This comes after resistance at $1.66 triggered minor localized retracement yesterday, in a downtick that has so far seen SUI price hammer down -7.75%.
Yet, despite the downside move, SUI price remains in bullish technical form, with price action remaining in a tight bullish pendant pattern that signals upside movement on the short-time frame.
Further support is afforded by the 20DMA, which remains below current price levels – standing at $1.35 – in a position affording substantial under footing in the event of a downturn.
Indeed, the 20DMA has formed support for much of SUI Network’s recent value accrual, with key re-tests on January 10 and January 22, establishing a well-defended rally structure.
Meanwhile, the 200DMA remains far below current price action, standing below the lower trendline down at $0.67.
Some concern emerges from a glance at the RSI indicator, which has sustained a bearish overbought signal – now at 62.28 – signalling a need for greater retracement.
This meets with agreement from the MACD indicator, which is showcasing minor bearish divergence (a sign of fleeting momentum) down at -0.0007.
Overall, SUI price analysis reveals a picture of a topped-out rally structure in strong form but with a dire need of retracement, perhaps suggesting a revisit to the 20DMA on the short-time frame.
To the upside, SUI price is therefore left with an upside target at $1.65 (a potential +7.5%).
While downside risk could see SUI price tumble down to lower support at $1.35 (a possible -12%).
SUI price analysis therefore leaves a risk: reward ratio on the short-time frame of 0.62 – a bad entry dominated by retracement risk on the short-time frame.
But while Sui Network might not offer the most appealing entry point according to SUI price analysis, a better play emerges in the increasingly viral Meme Kombat presale.
Meme Kombat Explodes Over $8.27M Raised In Skyrocketing Presale – Don’t Miss Out on SUI Price Analysis Alternative
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So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
Season 1 of the project promises 11 unique meme characters, ensuring plenty of action. Season 2 is already planned for December 2023. The project’s decentralized nature, along with the excitement of AI-driven battles, guarantees outcomes that are transparent yet unpredictable.
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The match ups are as follows:
Sponge WojakPepe Floki
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Vote for your winners in the polls below Winners make it through to the semi-finals pic.twitter.com/X8jbf6Xlre
— Meme Kombat (@Meme_Kombat) February 6, 2024
SUI Price Analysis Blues? Meme Kombat Pits Meme Communities in High Octane Staking Battles
The project goes beyond excitement; it’s founded on trust. Meme Kombat’s dedication to transparency shows in their upcoming smart contract security audit.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His role as COO of North Technologies, and two decades in process design add credibility to Meme Kombat. Whiteman’s public profile and the Amsterdam address give extra trust in an era of project anonymity.
The tokenomics of Meme Kombat hold strong appeal for potential investors. You can stake the Meme Kombat ($MK) token, currently priced at an attractive $0.279, to enter a rewarding ecosystem.
This ecosystem offers a generous APY of 148%. Stakers benefit from passive income and have the unique opportunity to use their staked tokens for betting in the arena. This dual functionality, earning while gaming, distinguishes Meme Kombat.
Additionally, your engagement on the platform directly impacts your potential earnings. The more you participate, the more you can gain.
The rapidly growing GambleFi industry, with notable coins like Rollbit, sets the stage for Meme Kombat to capitalize on this market through its distinctive approach.
Merging memes, gaming, and blockchain, the platform offers a fresh perspective to the crypto community.
Meme Kombat offers a unique, unmissable opportunity for portfolio diversification. – (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
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The post Is It Too Late to Buy Sui? SUI Price Rallies as Surprising Meme Coin Secures $8.2 Million in Funding appeared first on Cryptonews.
