Sui Price Soars But Here’s Why You Should Switch To a Better Performing Asset
After its Initial DEX Offering (IDO) in mid-April and a successful main net launch on May 03, 2023, the Sui network's native token saw remarkable growth. SUI saw an over 1,900% increase from $0.1 to $2.
However, this substantial price increase was short-lived, as the token promptly underwent a retracement, leading it to retreat to lower price ranges. And since then, SUI has been trading below $1.However, its recent strides have raised hopes of a rebound among investors.
Price Trends of SUI - What's Ahead For The Coin?On August 11, the price of SUI is up by 3% and is trading at $0.6077, but the trading volume is down 22% and sits at approximately $79m. In addition, In the last seven days, the price of SUI has increased by 2%.
Technical indicators on SUI
The chart shows that SUI is trading below the 50-day simple moving average, indicating a bearish market momentum.
The Moving Average Convergence/Divergence(MACD) is trading above the signal line, with green candles popping up, suggesting buyers are stepping into the marketplace.
Also, the Relative Strength Index RSI of 40.78 denotes that the price of SUI is approaching the oversold zone. Notable, a positive trend reversal could occur if the price trades into this zone.
The combination of the following indicators suggests that the price of SUI could experience a price increase in the next few days. But overall, the price of SUI is still lower than its highest price level in May.
SUI Price Levels
As illustrated in the chart, the price of SUI is consolidating above the $0.5592 support level. An impulsive move from this zone could see the price of SUI reach the $1 resistance level.
However, if the price fails to break out from this level, it could plunge into the support zone of $0.5992 for a possible retest.
Factors That Could Affect the Price of SUISui announced, via a tweet, the introduction of DeepBook, a primary native liquidity layer in the form of a central limit order book (CLOB).
DeepBook, Sui's first native liquidity layer, supports DeFi in new ways, including serving as the backend for an automated market maker.https://t.co/BonJFuawSB
- Sui (@SuiNetwork) August 10, 2023
While automated market maker (AMM) platforms also hold significance in the Sui ecosystem, DeepBook offers a unique hybrid approach that combines aspects of both AMM and CLOB.
DeepBook is Sui's native order book and is part of the Sui Protocol. It can provide deep liquidity to all Defi protocols on Sui from day 1 with low latency and less gas cost. DeepBook is fully permissionless, neutral, and open to everyone.
This innovative approach caters to developers and users seeking AMM features, providing a versatile solution accommodating various preferences.
DeepBook's efficient liquidity provision and protocol support could enhance Sui's appeal, attracting more users and driving demand. This increased utility and accessibility might positively influence Sui's price through heightened interest and engagement within the Defi ecosystem.
XRP20 a Potential Contender To Render 100x ReturnsThe recently launched presale of XRP20 has successfully generated more than $2 million in funds, leaving fewer than 50% of the designated tokens available for acquisition.
Marketed as the next stage in XRP's development," XRP20 ($XRP20) intends to offer investors a renewed opportunity to redeem the returns missed during XRP's early days.
As the presale gains momentum, there is speculation regarding the potential for $XRP20 to experience a more significant price surge than the original $XRP after its public debut.
Features and TokenomicsIn addition to its impactful branding, several fundamental attributes of the XRP20 token have sparked enthusiasm within the investor community.
XRP20 strongly emphasizes community-driven development, a compelling proposition for prospective investors. The project adopts a more equitable token distribution strategy to avoid the contentious issues affecting XRP.
Leveraging the robust community ties of XRP, XRP20 introduces novel enhancements while sidestepping legal entanglements.
As detailed in the whitepaper of XRP20, a significant aspect of its ecosystem is centered around staking. The XRP20 staking allocates 40% of the complete token supply for rewarding participants who locks their tokens.
This substantial allocation ensures regular token-based incentives for stakes and contributes to a reduction in the circulating supply of $XRP20.
The initial sale price of XRP20 is 30 times lower than XRP's all-time low, presenting an optimal opportunity for investors to enter the market. Notably, XRP experienced a remarkable surge, reaching a value of 137,000% higher than its lowest point.
This serves as an indicator of the potential accomplishments that XRP20 could attain. The advantage of a lower entry cost translates to reduced risk and greater potential for significant profits for early purchasers.
Also, the intended burning mechanism of XRP20 is designed to gradually enhance the token's rarity as time progresses, potentially leading to an elevation in its valuation.
Xrp20 Presale Activities
The outlook for XRP20 appears promising, given its impressive achievement of securing over $90,000 in less than 48 hours. These initial successes serve as a strong indicator of the burgeoning momentum behind XRP20, potentially resulting in substantial gains for those who invest early.
The xrp20 team has raised over $2m in its presale round, with 1 $XRP20 token selling for $0.000092. Interested users can purchase xrp20 by visiting the official token site using ETH or buy directly using a bank card.
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