The Sui Network, an upcoming contender to the renowned Layer-1 Solana, presently faces an uphill battle. Over the last three months, it has experienced multiple bouts of discouraging downward price shifts. The Sui Network altcoin, which made its debut on May 3, watched its native SUI token value dwindle by -58%, to the dismay of its early supporters. At present, the SUI token trades at $0.6225, a full -2.1% drop in just 24 hours. Some investors may interpret this fluctuation as an indication of SUI leaning towards a zero-value trajectory.
The SUI Network, remarkable for its use of Move programming and horizontal scaling, finds its price action locked in a steep declining pattern, reflecting a grim struggle to secure support from the descending 20DMA. A troubling distancing from this crucial point of resistance strikingly echoes a previous pattern when SUI suffered a sharp -12%sag, hinting at a continuation of the downward spiral.
Silver linings can be traced in SUI Network’s indicators, primarily the rapid cooling of the previously heated RSI following its rejection from the upper trendline on July 18. With the RSI hinting at an oversold signal at 35, there may be potential for a movement towards the upside. Despite this, the continued bearish divergence displayed by the MACD at -0.0026 tempers optimism. Thus, SUI’s risk-reward profile looks precarious, as the potential upside is limited to around $0.675 (+8.5%), and the downside risk could drag the token as low as $0.5 (-19.8%).
Simultaneously, the cryptoverse buzzes with anticipation for a fresh player, the $EVILPEPE Coin. A product of the same inventive minds behind the immensely successful Thug Life Token ($THUG) and SpongeBob ($SPONGE), the new token isn’t just imitative, but rather presents an exponential growth prospect.
Crypto analyst Jacob Bury emerges as a potential advocate for this promising token, which is presently valued at a modest $2 million. With a significant traction ignited by social media marketing and influencer promotion, and an ambitious market cap goal of $100 million, it’s evident that $EVILPEPE simultaneously aspires to surpass the earlier success stories and create a distinct identity. This is underscored by a sound commitment to community, illustrated by offering 90% of its supply on presale and securely locking 10% for DEX liquidity for a month.
However, while $EVILPEPE might seem like a golden opportunity, bear in mind that the crypto market remains highly volatile and risky. Being well-informed and cautiously optimistic is the mantra to remember.
Source: Cryptonews
