Sui Price Analysis: 8% Dip Today – Where Will Sui Head Next?

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Sui has decreased by 8.63% in the last 24 hours, and the community is wondering where this South Korean crypto might go next. Is this a dip before a significant uptrend, or are there lower lows on the horizon?

SUI Drops 8.63%

After witnessing a significant increase in its price soon after its launch, Sui has entered a volatile zone. In the last 24 hours alone, it has registered a decrease of 8.63%.

At 6:20 a.m. EST, SUI was worth $0.54, with its market capitalization falling by 8.63% to $393.6 million and its trading volume plunging by 40% to $178.7 million.

Despite this daily decline, Sui is still up by 13.24% on the weekly charts, which may be the reason to stay bullish about Sui.

What is SUI?

Su is a layer-one blockchain designed to deal with latency issues when executing smart contracts.

According to the official whitepaper of Sui, which you can find on Github, SUI has adopted a new programming model that uses a byzantine consistent broadcast protocol between authorities to ensure that the safety of joint operations on assets and the scalability of the blockchain is enhanced. At the same time, intelligent contracts’ latency is lowered compared to Byzantine agreements.

This project aims to become home to multiple elements of Web 3, such as NFT games, DeFi, and metaverses.

Created by Mysten Labs, a 13-engineer team led by give engineers who once were part of Facebook, SUI’s primary concern is to tackle the scalability issue and make blockchain technologies more accessible for all.

In 2021, 5 engineers left Facebook to create an all-new blockchain designed to empower devs to build dApps that scale to billions of users at the speed of the internet.

Its name? @SuiNetwork

Today, we announce we’re bringing the world’s best builders to Sui with #60DaysOfSui 💧 pic.twitter.com/sLMptu4rO3

— EasyA (@easya_app) August 23, 2023

Sui arrived in May 2023 and registered a 1910% increase shortly after its launch. It reached a $1 billion market cap soon after, which led to its listing on Binance. The momentum then faltered, leading to Sui following a corrective path.

Over the last month, Sui has registered a loss of 12.92%, indicating that investors are slowly moving away from this token. But is there a possibility for this crypto to make a comeback?

Sui Price Analysis

The daily chart on Sui shows this token has made similar patterns twice in a row – two consecutive greens followed by two straight reds.

By analyzing the chart, the current point, $0.54, may act as its current psychological support if the pattern is to repeat. If that’s the case, Sui may move up the price chart.

However, if Sui experiences another red candle tomorrow or a more significant red today, the pattern will be broken, moving the asset to a lower point.

The token’s current RSI is 44 (purple), and its MACD is negative, indicating the community’s interest in this token is lukewarm. Furthermore, Tradingview’s technicals are pointing the pin to the “Sell” signal.

Due to the current sentiments, investing in other crypto assets with better – and more understandable – utilities is better.

SUI Alternative – YPRED

yPredict is an AI crypto that has gained momentum during the current presale thanks to the utilities it brings to the tech space, catering to traders, developers, quants, analysts, and marketers.

At the center of this project is an AI model marketplace where developers can develop and put their AI models on sale. Quants, traders, analysts, and other devs can buy these models for YPRED tokens.

Investors can buy these models on a subscription basis. Those who stake YPRED tokens earn a portion of this subscription fee as APY.

In addition to allowing ML engineers to put their prediction models on sale, yPredict also offers its own predictive and analytics tools that investors can use to find the best signals, recognize patterns, and analyze the price charts to predict the price action of a crypto asset.

The AI models have already started functioning, as revealed by yPredict’s latest ETH price prediction based on the LSTM model.

📈Just read an insightful article on Ethereum price prediction using LSTM model by #yPredict. 🔮 In a world of crypto volatility, LSTM proves its prowess in forecasting Ethereum prices accurately. A deep dive into AI, data visualization, and hybrid models for a clearer view of… pic.twitter.com/pbWqxvwm8o

— yPredict.ai (@yPredict_ai) August 16, 2023

In addition to predictions and analytics, yPredict has dived into content generation and marketing with its Backlink Estimator and yPredict editor.

Coming at the heels of the craze created by ChatGPT, yPredict has all the makings of a blockchain project that could use AI-driven objectives to increase the crypto adoption rate.

So far, yPredict has raised more than $3.5 million in the current presale and is available at a discount price of $0.1. Visit ypredict.io to check out the presale before the current stage ends, and the cost of one YPRED token rises to $0.12.

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