{"id":562837,"date":"2024-08-09T10:05:07","date_gmt":"2024-08-09T10:05:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=562837"},"modified":"2024-08-09T10:04:07","modified_gmt":"2024-08-09T10:04:07","slug":"sui-price-prediction-sui-surges-31-as-this-p2e-doge-rockets-past-6-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sui-price-prediction-sui-surges-31-as-this-p2e-doge-rockets-past-6-million","title":{"rendered":"Sui Price Prediction: SUI Surges 31% As This P2E DOGE Rockets Past $6 Million"},"content":{"rendered":"

The Sui price surged 31% in the last 24 hours <\/span>to trade at $0.8462<\/span><\/a> as of 03:36 a.m. EST on trading volume that skyrocketed 52% to $389 million.<\/span><\/p>\n

SUI has been in a sustained rally in the last two days after Grayscale announced on Wednesday the launch of two new crypto investment funds for Bittensor (TAO) and Sui (SUI) tokens.<\/span><\/p>\n

\"\"<\/p>\n

The new funds, coming in as single-asset funds, will provide investors with exposure to potential price growth from the developments taking place in the Bittensor and Sui protocols.<\/span><\/p>\n

The move also reflects the steps Grayscale is taking to expand its decentralized investment offerings.<\/span><\/p>\n

Sui Price Prediction: The SUI Price Aims For A Continued Rally<\/b><\/h2>\n

The Sui price was in a downward trend from July 29 to Aug. 5, dropping from the $0.78 resistance to the $0.52 support level.<\/span><\/p>\n

SUI bulls then gained control of the altcoin’s price, pushing it through a markup phase as the SUI price reclaimed the $0.52 resistance, forming a rounding bottom pattern.<\/span><\/p>\n

Investors then capitalized on the pattern to push the price of Sui above the resistance, as they aim to sustain the momentum.<\/span><\/p>\n

On the 4-hour chart, SUI now trades above both the 50-day and 200-day Simple Moving Averages, a confirmation that the price is now on an uptrend.<\/span><\/p>\n

The Relative Strength Index (RSI) also affirms the positive momentum, as it bounces from the oversold level, currently at 79, which shows that SUI is overbought.<\/span><\/p>\n

\"\"<\/p>\n

Daily chart for SUI\/USDT (Source: Tradingview.com)<\/span><\/p>\n

If the momentum continues, the SUI price could continue surging, as the bulls target $1, a 17% increase from the current price.<\/span><\/p>\n

However, the RSI shows that the asset is currently overvalued, which is a selling signal. Investors could therefore start booking profits. In this scenario, the price of SUI could drop to the immediate support levels at $0.74 and $0.63, which are the 200-day SMA and 50-day SMA, respectively.<\/span><\/p>\n

Meanwhile, as the SUI price rallies, investors continue to pour capital into the new Dogecoin alternative,<\/span> PlayDoge (PLAY)<\/span><\/a>, a project that analysts say has the potential for parabolic gains after launch.<\/span><\/p>\n

Jacob Bury, a prominent crypto analyst on YouTube, believes $PLAY has the potential to soar 10X after its launch.<\/span><\/p>\n