Million

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Sui price currently trades at $0.4773 while witnessing a loss of&nbsp; 1.22% during the intraday trading session.</a> </li> 
 <li> <span>2</span> <a>SUI price trades below 20, 50, and 100-day exponential moving averages.</a> </li> 
 <li> <span>3</span> <a>Sui Network unlocked a massive amount of Sui tokens on September 3, 2023.</a> </li> 
</ul> 
<p>SUI price has been in a strong downtrend, forming lower lows since the formation of the annual high at $2 on 3 May 2023. The cryptocurrency price broke the strong support level of $0.60 and fell heavily to form support near $0.4700.&nbsp;</p> 
<p>Sui Network attempted a recovery rally after the formation of the support level at $0.47 but the move was halted as the price reached near $0.60. There is a strong presence of bears above $0.60 which are not letting the price rise above it.</p> 
<p>The attempted recovery rally was broken down and currently price has reached near the support level of $0.47. If the bearish momentum continues and bears can push the price below $0.47, the price might head down toward the next support level of $0.40 causing a downfall of roughly 15%.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/9qzkU1KH9i9q3ogpQSvv--mmmfDb4kWy24J-1RKhqu_6xP3W8OR4DNuFP6MWU2t7kcNjPuVlyMo9WwUcMbsyPP5-0fKV8B78xjJdpPXiJ-wo1mc_SXyRz3n574KaeH9wzvkEmH79Rrx5n1TpSE0oFYM" alt="Sui Price Prediction: TVL Doubles Since The Start of August"> 
  <figcaption class="wp-element-caption">
    Source: SUI/USDT By <a href="https://www.tradingview.com/x/XKPnfgNi/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>On the other hand, if the asset price can hold the support level of $0.47 and gain bullish momentum, it might bounce back and retest the resistance level of $0.6050. The past couple of candle seems to be rejecting the support level which means that bulls are trying to protect the price from further downfall and are striving to form a support.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-network-activity-of-sui-crypto-strong"><strong>Network Activity of Sui Crypto</strong></h2> 
<p>The daily active addresses of <a href="https://www.thecoinrepublic.com/2023/09/01/sui-price-prediction-will-token-unlocking-event-fuel-downtrend/" rel="noopener noreferrer nofollow">Sui </a>cryto have been strongly declining since 31 August, from 441,820 to 92,620 (as of September 4). However, in the last 90 days, the daily active addresses have surged 56.8%, which is a good sign for the Sui network.&nbsp;</p> 
<p>The total value locked has been on an upward trajectory since the start of August, rising from $12.73 Million to $24.8 Million (as of September 4). In the last 90 days, there has been an increase of 35.8% in the total value locked.&nbsp;</p> 
<p>The daily transaction has also increased by 876.8%, reaching 2,318,343 in the past 90 days. Overall, the network activity has been showing growth in SUI.</p> 
<h3 class="wp-block-heading" id="strong-will-sui-price-fall-to-0-40-strong"><strong>Will SUI Price Fall To $0.40?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/enl3w4XLYShfaCrVHe4iqnOKO4Wb1VAydGAcAamjo580cy_zqxbIHVQa2cutqHdb0qJ5fWXl_VofX5PPQTFfnG_TwEVvWPJmpaUCv1ycSjTA77_y-fQcs7ybWJ8id6XjP0lDtG871CdMDt1xJQ6kPms" alt="Sui Price Prediction: TVL Doubles Since The Start of August"> 
  <figcaption class="wp-element-caption">
    Source: SUI/USDT By <a href="https://www.tradingview.com/x/Lr5GP7k5/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/09/01/sui-price-prediction-will-token-unlocking-event-fuel-downtrend/" rel="noopener noreferrer nofollow">cryptocurrency price</a> has slipped below all the major exponential moving averages, indicating strong bearish momentum. The Chaikin money flow score has surged above the 0 mark and currently trades at 0.06, suggesting slight strength in the market. However, the relative strength index still trades below the 40 mark, implying bearish momentum in the price.&nbsp;</p> 
<p>The long-short ratio of SUI is 0.99 with 49.8% longs and 50.2% shorts indicating a slightly higher selling position in the last 24 hours.</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>On 3 September, the Sui network unlocked 35.6 Million SUI tokens worth roughly $18.7 Million, which has also fueled the bearish momentum due to the increase in supply.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Major support: $0.47 and $0.40&nbsp;</li> 
 <li>Major resistance: $0.605 and $0.649</li> 
</ul> 
<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: TVL Doubles Since The Start of August

Table of Contents

Thecoinrepublic.com

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