The latest performance of Sui, a spin-off of Facebook’s unsuccessful Libra/Diem project, is certainly catching up eyes in the crypto space. Over the past day, this altcoin’s price shot up by 6.5%, an impressive feat considering the overall market’s stagnant behavior. While it has experienced a downturn of 12% over the month, it’s now 5% up in just a week, and market trends suggest a potential recovery might be around the corner.
Close study of Sui’s chart reveals budding momentum. With its relative strength index surging from 20 to 50 over the weekend, there’s a clear resurgence of buying pressure. The coin’s price is now on the precipice of surpassing its 30-day moving average, an essential indicator of a likely sustained rally. Despite a declining support level over the past two odd months, a possibility of ending its downward journey now seems plausible.
Even though there are no specific triggers for Sui’s unusual rally today, the odds are that this altcoin has been undervalued and oversold for quite some time now, making it an enticing proposition for potential investors. The layer-one network, employing the efficient Move programming language, has recently crossed the 600,000 daily active accounts milestone, adding value to its organic growth.
Notably, Sui’s native token SUI, crucial for network fees and staking, seems to be projecting a promising future. Anticipating a consistent growth phase, the altcoin might reach $0.75 in the coming months and possibly $1 by the close of 2023.
Ever since its launch in May, Sui has been attracting high-profile partnerships, with Red Bull Racing being a major breakthrough. It’s also important to acknowledge its anticipated connection with Meta, which is potentially one of the prominent reasons behind its fast-paced network growth.
While Sui’s promise as an altcoin is evident, it’s crucial to maintain a diversified portfolio. It’s recommended to explore newer tokens, especially presale coins which can provide substantial returns post their exchange listing.
One such intriguing presale coin currently is Launchpad.xyz (LPX), an all-inclusive Web3 platform, raising over $1.3 million in less than two months. Aiming to launch by year-end, it is expected to provide extensive features apt for anyone keen on exploring the burgeoning Web3 sub-sector.
The LPX token is primed to be used for platform fees and subscriptions and will be open to staking. This project brings a unique value proposition to the table which could potentially result in a steady price rise over time. However, investing in crypto inherently carries risks, and users should proceed with caution.
Source: Cryptonews
