The SUI price plunged more than 8% in the last 24 hours to trade at $3.40 as of 7:08 a.m. EST as investors offload their holdings in the crypto on the market.
Seems like Sui has been down for an hour now
I'm amazed any blockchain even turns on tbh, shit is so complex pic.twitter.com/9Y2yGgxKii
— mert | helius.dev (@0xMert_) November 21, 2024
The steep decline in the SUI price comes amid a Sui network outage. No blocks have been produced by the network for over an hour.
SUI Price Trapped In A Consolidation Phase
4-hour chart for SUI/USD (Source: GeckoTerminal)
The Sui price has entered into a consolidation zone between $3.2924 and $3.8416 in the last few days, according to GeckoTerminal data.
This period of sideways trading might be the build up to a big move. If buyers identify the crypto’s current price as an opportunity, then SUI could end up flipping the $3.8416 resistance into support and potentially rise toward the next major barrier at $4.3771.
On the other hand, a move to the downside after this consolidation phase might lead to the Sui price losing the $3.2924 support. A break below this technical crutch could then trigger a wave of panic selling from traders, which might result in SUI falling to as low as $2.7707.
SUI Price Showing Early Bullish Technical Signs
From a technical perspective, indicators on SUI’s 4-hour chart show that sellers are still in control. However, there are some early indications that buyers are starting to chip away at sellers’ current advantage. This could result in a major move to the upside soon.
Relative Strength Index (RSI) readings have been rising in the last couple of hours. This suggests that bulls are slowly gaining strength. Although the current reading below 50 signals that bears are dominant, the positive slope of the RSI line suggests that a bullish shift in power might happen in the next few hours.
SUI’s momentum is slowly becoming less negative as well, which is evident by the rising Moving Average Convergence Divergence (MACD) Histogram readings in the last couple of hours.
If these early bullish signs influence traders’ decision making in the coming couple of hours, the SUI price might soon attempt a challenge at the aforementioned $3.8416 resistance level.
As the SUI price tries to recover, investors are flocking to the presale for layer-2 meme coin Pepe Unchained (PEPU) with less than 22 days left until its highly-anticipated launch.
A Supercharged Pepe About To Enter The Crypto Market
Pepe Unchained (PEPU) is a layer-2 project looking to make a name for itself in the booming meme coin space. To achieve this, the project will elevate the Pepe brand to new heights in the crypto space using its native blockchain network.
Not only will Pepe Unchained free the beloved Pepe from the over crowded Ethereum mainnet, it will also grant the meme’s lovers access to a 100-fold increase in transaction speeds while simultaneously slashing network fees.
Pepe Unchained will also introduce high levels of utility to the meme coin space. This is after the project’s team launched their developer grant program, which will provide developers with the necessary financial support to build the next generation of Web3 apps on the Pepe Unchained blockchain.
To prove how fast and powerful its network is, Pepe Unchained also recently unveiled its own token launchpad on its native network. With this cutting-edge platform, the project will compete directly with the Solana-based Pump.fun.
With its meme coin appeal, combined with its layer-2 capabilities and its recently launched token creation platform, it’s easy to see why many crypto experts are bullish on PEPU. Among these experts is an analyst from the 99Bitcoins YouTube channel, which has more than 706K subscribers. In a recent video, the analyst said that PEPU could surge 100X after its launch.
FOMO Around PEPU Goes Into Overdrive Amid Speculation Of A Binance Or Coinbase Listing
Pepe Unchained has managed to raise over $40 million through its ongoing ICO as an investor frenzy erupts around the meme coin. This intense buying activity is likely to continue after the team announced that it has lined up several tier-1 crypto exchange listings.
Following the news, speculation of a Binance or Coinbase listing has grown amongst PEPU investors. Being added to any of these platforms could launch PEPU’s price into the stratosphere, similar to what happened to PEPE last week after its Coinbase listing.
This Braintar solo is about to be so tasty those chains don't stand a chance! 🐸🎸💚 pic.twitter.com/eRJkRNUhCJ
— Pepe Unchained (@pepe_unchained) November 19, 2024
With just under 22 days left until Pepe Unchained hits the open market, time is running out for investors to buy the meme coin during its presale phase. Interested investors can acquire the token, which is selling for $0.01295, using the simple buy widget embedded on the project’s website. ETH, USDT, BNB or bank card can be used to purchase PEPU.
Purchase PEPU here before its exchange listings.
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