The Sui price soared over 13% in the last 24 hours to trade at $1.21 as of 11:33 p.m. EST as traders go long on the altcoin.
This increase in the SUI price comes after the CEO of Circle, the issuer of USD Coin (USDC), announced the upcoming deployment of the second largest stablecoin by market cap on the Sui network.
BREAKING 🔥 @jerallaire, Co-Founder, CEO & Chairman, Circle announces native $USDC launching soon on @SuiNetwork!! pic.twitter.com/oEZBIYFSdr
— Stravia.sui 111.sui (@vyz_cm) September 17, 2024
As part of the new integration, USDC will become natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP).
The Sui Price Forms A Bullish Channel
4-hour chart for SUI/USD (Source: GeckoTerminal)
The Sui price was able to break above the major resistance level at $1.1370 in the last 24 hours. It has since continued to print higher highs and higher lows on the 4-hour chart, resulting in the formation of an ascending channel. Should SUI keep climbing through the course of the next 24 hours, the altcoin could soon flip the $1.2965 barrier into support.
SUI falling out of the bullish price channel within the next 24 hours might invalidate the bullish thesis. Traders could end up identifying this technical event as a sign that the crypto’s positive trend has come to an end. As a result, the Sui price might end up testing the recently-formed support level at $1.1370.
Continued sell pressure should SUI drop to $1.370 could then lead to it plunging to as low as $0.9648 in the short term.
Technicals Point To A Continued Increase For The Sui Price
From a technical standpoint, indicators on SUI’s 4-hour chart suggest the crypto’s price might keep climbing in the coming 24 hours. More specifically, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing positive signs.
RSI readings have risen from 50 to 68 in the last 24 hours. This indicates that buyers have taken control of the Sui price. Additionally, the positive slope of the RSI line suggests that buyers are continuing to accumulate strength against sellers.
Meanwhile, the MACD line crossed above the MACD Signal line during the past day of trading to indicate that SUI has entered a positive short-term trend. Traders might also see the growing gap between these two lines as a sign of SUI’s bullish momentum intensifying.
Should these technical signs influence traders’ decisions in the short term, the Sui price might soon break above $1.2965.
While bulls try to push the Sui price higher, investors are flocking to the presale for layer-2 meme coin Pepe Unchained (PEPU), which YouTuber ClayBro, with 130K subscribers, says has the potential to generate 100X returns for investors.
Elevating PEPE And The Rest Of The Meme Coin Space To Another Level
Pepe Unchained (PEPU) is a layer-2 project with the aim of scaling the meme coin sector. The project will initially focus on the popular PEPE token, whose holders have had to put up with the high transaction fees and slow processing times inherited by any crypto deployed on the congested Ethereum blockchain.
Pepe Unchained will boost PEPE’s transaction speeds one hundred fold by shifting the meme coin’s transaction processing work off of the overpopulated Ethereum mainnet. In doing so, the altcoin’s holders will also be able to send and receive PEPE at a fraction of the cost. This high speed and low cost will be consolidated into one crypto token with the launch of PEPU.
Once Pepe Unchained has improved PEPE’s transactional experience, the project will then open up its computing abilities to the rest of the meme coin sector, essentially serving as a launchpad for future meme coins and an accelerator for existing tokens in the lighthearted sector of the crypto space.
Investors will also be able to simultaneously enjoy the robust security offered by the Ethereum network and the lightning-quick speeds achieved by the Pepe Unchained layer-2. Pepe Unchained will enable token holders to seamlessly shift value between these two chains as well.
Pepe Unchained’s High Staking APY Is Pulling Investors In
Pepe Unchained has raised more than $13.6 million through its ongoing ICO so far, and is fast approaching the $14 million fundraising milestone. In addition to its speculative potential, the 152% APY being offered to presale buyers who stake PEPU could be another reason investors are rushing to buy the meme coin at this early stage.
Pepe’s all geared up! 🐸👓💻 pic.twitter.com/k7tjCG2DWU
— Pepe Unchained (@pepe_unchained) September 16, 2024
There is still time left for anyone who wants to get in on this lucrative opportunity. All investors will need to do is acquire PEPU using the simple buy widget on its website. Selling for $0.0098, PEPU can be bought using either ETH, USDT, BNB or bank card.
Buy before a price hike in a little more than a day to secure the best deal.
Purchase and stake PEPU here for the 152% APY.
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