n a previous article earlier this week, we covered what the Sui Network is and how it works.
In this article, we will focus more on the technical side of SUI and the most popular tokens in its ecosystem, as mentioned in my last tweet.
These are the assets we will cover in this article:
- Sui Network (SUI)
- SuiSwap (SSWP)
- Cetus Protocol (CETUS)
- SuiPad (SUIP)
- Turbos Finance (TURBOS)
- Sacabam (SCB)
- Why is SUI The Coin of the Week?
Sui Network (SUI)
SUI is the native coin of the Sui blockchain.
On the network, you can use SUI to pay gas fees, execute on-chain transactions, and stake security for the network. Moreover, holders also gain the privilege to contribute to the project’s future governance.
Technical Analysis of SUI
From a long-term perspective, SUI has been overall bullish, trading above the blue trendline. Currently, SUI is undergoing a correction phase and is approaching a significant round number at $1.
For the bulls to take over and initiate the next upward impulse movement, a breakout above the last major high at $1.135, highlighted in red, is needed.
In parallel, if the $1 round number is broken downward, we anticipate further bearish movement towards $0.9. This level represents the intersection of the previous major highs with the blue trendline, where we will be looking for buy setups.
Suiswap (SSWP) is a decentralized exchange and token trading platform that utilizes the SUI blockchain. Its primary objective is to establish a trading environment within the SUI ecosystem focusing on security, speed, and flexibility.
Technical Analysis of SSWP
SSWP has been trading within a range of $0.002 to $0.005. Currently, it is retesting the lower boundary of the range, leading us to explore potential buy setups.
For the bulls to regain control and push the price towards the upper bound of the range at $0.005, a breakout above the last major high at $0.003, highlighted in red, is needed.
In parallel, if the $0.002 support is breached, we anticipate additional bearish movement towards the $0.001 round number. In such a scenario, we will be on the lookout for new buy setups.
Cetus Protocol (CETUS)
Cetus Protocol is an innovative decentralized exchange (DEX) and concentrated liquidity protocol. It specifically targets Move-based ecosystems such as Sui and Aptos.
It also serves as a vital component of the ecosystem infrastructure to meet the diverse requirements of traders, liquidity providers (LPs), developers, and derivatives products, spurred by the growing adoption of DeFi.
Technical Analysis of CETUS
CETUS has been overall bullish trading within the rising wedge pattern highlighted in blue. Currently, it is approaching the lower bound of the wedge pattern so we will be looking for trend-following buy setups.
For the bulls to regain control and start the next impulse till the $0.15 resistance, a breakout above the last major high at $0.1, highlighted in red, is needed.
Meanwhile, CETUS would be bearish from a short-term perspective and can still test the $0.07 support where we will be looking for new buy setups.
SuiPad is the official Launchpad partner of the Sui network by MystenLabs.
The platform will be an integrated solution with the SuiPad wallet, vesting marketplace, and transaction management. SuiPad will offer decentralized project launching, SUIP token staking, and governance voting for the Sui ecosystem.
Technical Analysis of SUIP
Following the rejection of the $0.2 round number, SUIP entered a correction phase, trading within the falling channel marked in blue.
For the bulls to regain control and push the price towards the $0.2 mark once again, a breakout above the blue channel is required.
Meanwhile, SUIP may continue testing the lower boundary of the blue channel and the $0.1 round number where we will be looking for buy setups.
Turbos Finance (TURBOS)
Turbos Finance is a non-custodial and hyper-efficient DEX backed by Jump Crypto and Mysten Labs.
Built on Sui since June 2022, Turbos brings a universal notion of digital asset ownership and unprecedented horizontal scalability to DeFi.
Technical Analysis of TURBOS
After breaking below the previous major low marked in blue, TURBOS has been bearish from a medium-term perspective.
However, it is currently approaching a robust support at $0.0026, prompting us to search for potential buy setups.
For the bulls to regain control and initiate the next upward impulse, a breakout above the last major high at $0.00415, highlighted in red, is needed.
Meanwhile, TURBOS would remain bearish, and a movement towards the $0.0026 support is expected.
Sacabam (SCB) is an OG meme built on Sui, and it is a decentralized digital currency leveraging blockchain technology for secure transactions.
Technical Analysis of SCB
SCB has been overall bearish, trading inside the falling channel marked in blue.
To shift the momentum from bearish to bullish, a breakout above the upper blue trendline and $0.000000093 is needed. In this scenario, a movement towards $0.00000015 would be expected.
Meanwhile, until the bulls take control, SCB would remain bearish and could potentially trade lower, especially if the $0.00000005 level is breached.
Why is SUI The Coin of the Week?
In conclusion, SUI is not just a technology; it's a vision for a user-centric, decentralized future.
SUI is approaching a strong round number $1 and a non-horizontal support, providing us with a good opportunity to capitalize on the upcoming bullish impulse.
But It's not just about market trends; many projects have been developed on top of this unique blockchain. Therefore, it's crucial to recognize the pivotal role SUI plays in uniting innovation and community within its expansive ecosystem.
Do you want to learn about SUI?
Thanks for tuning in to this week's coin of the week! We appreciate your readership and enthusiasm for exploring the crypto landscape with us.
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See you next week for another coin of the week! 🚀