SUI price analysis Archives

Altcoins Analysis

In a series of social media posts, Van de Poppe analyzes specific altcoins, including Sui (SUI), Chainlink (LINK), Floki Inu (FLOKI), Fantom (FTM), and Polkadot (DOT), offering valuable insights for investors.

One of the altcoins that has caught Van de Poppe’s attention is SUI, which, according to his analysis, has shown strength in the market with a higher low formation. Van de Poppe suggests that if momentum provides a breakout above $1.17, SUI could continue its uptrend toward $1.60 (currently trading at $1.067).

Chainlink (LINK) is another altcoin Van de Poppe considers “heavily undervalued.” Drawing on historical data, he points out that LINK has delivered a 150% return in previous cycles, making it an attractive investment opportunity at its current trading price of $16.037.

However, Van de Poppe also advises caution with certain altcoins. For instance, FLOKI, despite its substantial 1200% increase since the beginning of its recent run, carries a “higher risk of a heavy correction.” He suggests that interested investors wait for a 30-40% correction before considering an investment.

Van de Poppe also draws attention to Fantom’s native token FTM, which has been forming lower highs and lower lows. With multiple tests of the $0.60 support, a price breakdown seems likely. If a breakdown occurs, he identifies two potential areas of interest between $0.4924 and $0.6113 for swing trading.

Crucial Support Levels For Ethereum

Regarding Polkadot, Van de Poppe highlights its potential as a market leader in the Real-World Asset (RWA) sector. He emphasizes that Polkadot is currently undervalued and is in the process of implementing RWA within its ecosystem. Despite the price not reflecting the “thriving ecosystem,” Van de Poppe expects this will change.

In addition to these lower-cap altcoins compared to the largest, Van de Poppe provides insight into Ethereum (ETH). In a separate analysis, the market expert suggests that ETH is looking for a higher low and expects confirmation of S-1 filing approval for the long-awaited Ethereum ETFs in the US in the coming weeks.

Interestingly, on the 3-day Ethereum/BTC chart, Van de Poppe identifies the 0.05-0.051 BTC range as a key support area for Ethereum.

Featured image from DALL-E, chart from TradingView.com

The crypto market once again experienced a sell-off this week, leading to a plunge in the price of many crypto assets. The impact of this market downturn is not limited to Bitcoin alone, as it has affected various cryptocurrencies, including Sui (SUI), a Layer 1 smart contract platform. Sui has witnessed a significant decline of 15% in its value over the past seven days, reflecting the broader negative sentiment prevailing in the market.

Sui Dips Below $1 Support Levels

SUI experienced a significant setback this week, breaching its crucial support level at $1. This support had been maintained since early May, providing stability for the token during that period. However, after enduring two weeks of downward-sloping resistance from above, SUI finally succumbed to selling pressure.

The token’s decline reached a low point of $0.95 on Wednesday, marking an all-time low for SUI since its launch at the beginning of the month. This sharp drop highlights the prevailing bearish sentiment surrounding the token and its challenges in the current market conditions.

Sui experienced a slight correction this week: source @Coinmarketcap

Technical Indicators Point To Potential Bearish Path

Sui, a layer 1 smart contract platform, distinguishes itself with its unique programming language called ‘Move.’ Developed by the lead executives of Meta’s now-defunct Diem stablecoin project, Sui aims to address common pain points of first-generation blockchains, such as scalability and programmability.

Despite its innovative approach, Sui has struggled to generate substantial gains since its inception in the trading market. In the short term, the coin may continue to experience lower lows. According to technical analysis on TradingView, the current conditions indicate that asset selling might be prudent. Seven of the 11 daily technical indicators are signaling a ‘strong sell,’ with no indicators displaying buy signals.

Additionally, the relative strength index (RSI) for SUI is currently hovering slightly above 40. With the RSI above 40, it suggests that there is a moderate level of buying pressure, but the overall sentiment remains uncertain.

Sui is trading around the $1 mark amid bearish sentiments: source @tradingview

To counteract this bearish trend, Sui would need to reclaim the $1.05 level as support, which could provide a foothold for potential recovery. However, if Bitcoin fails to maintain its support at $26,000, Sui will likely face further downward pressure, potentially sinking as low as $0.90.

Given the current market conditions and technical indicators, investors and traders should exercise caution and closely monitor Sui’s performance. Evaluating factors such as market sentiment, trading volume, and overall market dynamics will be crucial in determining the future trajectory of Sui and whether it can reverse its bearish trend. At press time, SUI price was $0.987 $ with a 24-hour trading volume of $89,278,135 USD.

-Featured image from iStock, charts from CoinMarket and TradingView.com