Ethereum

Bitcoin

Million

Rise

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Sui price currently trades at $0.4776 while witnessing a gain of 0.53% during the intraday session.</a> </li> 
 <li> <span>2</span> <a>SUI price has melted below 20, 50, and 100-day exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>The 24-hour trading volume has surged by 45.85%.</a> </li> 
</ul> 
<p>Sui price has been in a strong downtrend since the formation of the yearly high at the&nbsp; $2 level and fell roughly 77% after the formation. The cryptocurrency price has hovered above the support level of $0.60 for more than two months.&nbsp;</p> 
<p>Recently, a candle closed below $0.60 after which price entered into a narrow consolidation zone ranging between $0.58 and $61. On 15 August 2023, the SUI price finally gained enough bearish momentum to shatter the support level of $0.58.</p> 
<p>The last three candles have been strongly bearish. The market leaders: Bitcoin and Ethereum have also been suffering for the past three days. The cryptocurrency price fell approximately 18% from the support level.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/OxOWOA_Dii3yoGqleMN3oW7lootxyTfKCa2TsXhIICN-tB2POORMrlMkIwIIW3Whj11dsJI-NGSk2ToknBd3atDGB_7UJpwwebqGJpkRW1PFU9D2nrGaGdQVkKvAwQaf21v09fZ1ZMBqrYqvkcvfuyU" alt="Sui Price Prediction: Significant Rise in Active Addresses"> 
  <figcaption class="wp-element-caption">
    Source: SUI/USDT By <a href="https://www.tradingview.com/x/JQ9gxh7W/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The previous candle faced rejection from the $0.45 level. If the current candle can break the low of the previous candle, it might head down toward the next support level of $0.40. While on the other hand, if the price can form a support and closes above $0.50, it might retest the support turned resistance level of $0.58.</p> 
<h2 class="wp-block-heading" id="strong-network-activity-of-sui-strong"><strong>Network Activity of SUI&nbsp;</strong></h2> 
<p><a href="https://www.thecoinrepublic.com/2023/08/11/sui-price-prediction-2023-can-another-hike-thrust-sui-above-1/" rel="noopener noreferrer nofollow">Sui’s daily active addresses</a> peaked on July 29, 2023, reaching 478,400 after which there was a downfall. The daily active addresses have surged 147.8% in the last 90 days, reaching 233,680. Since August 6, 2023, there has been a significant rise from 32,500 to the current level.</p> 
<p>The daily transaction peaked on 27 July 2023, reaching 65.84 Million after which there was a sudden drop. The daily transaction has also witnessed a rise of 467.97%.&nbsp;</p> 
<p>At the time of writing, the daily transaction has reached 1.94 Million. The total value locked witnessed an upsurge since July 31, 2023, rising from $12.73 Million to $19.5 Million as of now.</p> 
<h3 class="wp-block-heading" id="strong-will-sui-price-fall-further-soon-strong"><strong>Will SUI Price Fall Further Soon?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/H2yC2seCAktidIwnB2hTawZ8uuh3bBqSck8f_nS7AcIC2jbEGkBO_2qwFkiGwt-P4DZDfNxBb8fnvCkkf3JDw7kT36OBTVH21QZITMHL5MEkUI7Z4KVVilu0KI9qMBWtmtZVHswz1N7J1Z6RmSAYQag" alt="Sui Price Prediction: Significant Rise in Active Addresses"> 
  <figcaption class="wp-element-caption">
    Source: SUI/USDT By <a href="https://www.tradingview.com/x/j5xdN5qn/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/11/sui-price-prediction-2023-can-another-hike-thrust-sui-above-1/" rel="noopener noreferrer nofollow">cryptocurrency price</a> has dropped below 20, 50, and the 100-day exponential moving average, suggesting bearish momentum. The 20-day EMA has been acting as a resistance to the price. Chaikin money flow (CMF) score has dropped below the 0 mark and trades at -0.09 indicating weakness in the market.&nbsp;</p> 
<p>The relative strength index has entered into an oversold zone and hovered inside it since 16 July 2023. RSI trades at 19.82 suggesting a chance of short-term pullback in upcoming days but currently price has not formed any support or showed signs of bullishness.&nbsp;</p> 
<p>The long/short ratio is 0.99 with 49.93% longs and 50.07% shorts suggesting a slightly higher selling position in the last 24 hours.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>The market structure and price action of SUI has turned bearish after breaking the major support level of $0.60. The relative strength index indicates the possibility of short-term pullback while others favor continuation of bearish momentum.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<p>Major support: $0.45 and $0.40&nbsp;</p> 
<p>Major resistance: $0.61 and $0.65</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>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.</p>

Sui Price Prediction: Significant Rise in Active Addresses

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Thecoinrepublic.com

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