Sui (SUI) Price Prediction: The SUI Price Aims For A Continued Rally

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

The Sui price enjoyed a 31% gain over the last 24 hours, bringing its trading value to $0.8462 by 03:36 a.m. EST, on a trading volume that surged by 52% to hit $389 million.

SUI has been enjoying a sustained rally over the last two days, following Grayscale's announcement on Wednesday about the launch of two new crypto investment funds for Bittensor (TAO) and Sui (SUI) tokens.

The new funds, which are being launched as single-asset funds, will give investors exposure to potential price growth from the developments taking place in the Bittensor and Sui protocols.

The move also reflects the steps Grayscale is taking to expand its decentralized investment offerings.

Sui Price Prediction: The SUI Price Aims For A Continued Rally

The Sui price enjoyed a sustained downtrend from July 29 to Aug. 5, dropping from the $0.78 resistance to hit the $0.52 support level.

However, SUI bulls took control of the altcoin’s price movement, pushing it through a markup phase as the SUI price managed to reclaim the $0.52 resistance, forming a rounding bottom pattern.

Investors then capitalized on the pattern to push the price of Sui above the resistance, as they aim to sustain the momentum.

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.

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.

Daily chart for SUI/USDT (Source: Tradingview.com)

If the momentum continues, the SUI price could continue surging, as the bulls target $1, a 17% increase from the current price.

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.

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

Jacob Bury, a prominent crypto analyst on YouTube, believes $PLAY has the potential to soar 10X after its launch.

PlayDoge ICO Zooms Past $6 Million – Best Alternative To Buy Now?

PlayDoge, a play-to-earn (P2E) meme coin has continued to gain traction, bursting past the $6 million milestone in its presale. This surge in investor attention could catapult PlayDoge to rival its predecessor, DOGE, and other dog-themed tokens like FLOKI.

Don’t ghost your #Doge or it’ll die ?

Feed your Doge, earn rewards, and level up. No mazes, just fun!#Presale has launched! ?#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj

— PlayDoge (@PlayDogeGame) May 31, 2024

PlayDoge combines the iconic Doge meme with the beloved Tamagotchi game from the 90s, creating a fun virtual gaming experience where players play to earn the game’s native token, $PLAY.

With P2E elements and the project’s upcoming launch of a modern version of the classic Tamagotchi game, PlayDoge is shaping up to be the meme coin that investors might regret missing out on.

The project also allows you to earn passively through its staking option, by buying and staking $PLAY for 77% annual rewards.

You can buy $PLAY tokens for $0.00527 each. However, with a price increase coming in about one day, you might want to act fast to get the meme coin at the best possible price.

Purchase $PLAY from its official website here using BNB, USDT, or a bank card.

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