SUI Price Pumps 13% as Pepe Unchained (PEPU) ICO Nears $13 Million Mark

The Sui price pumped over 13% in the last 24 hours to trade at $1.01 as of 11:42 p.m. EST as traders go long on the altcoin.

The price of Sui (SUI) surged over 13% in the last 24 hours to trade at $1.01 as of 11:42 p.m. EST.

Traders drove the altcoin’s price up to make it the top gainer among major cryptos by market capitalization. The latest surge also pushed SUI’s weekly advance past 25%.

4-hour chart for SUI/USDT (Source: GeckoTerminal)

The Sui price blasted out of a short-term negative price channel in the last 12 hours, and also broke above the major resistance levels at $0.9348 and $0.9935.

Establishing a position above the $0.9935 barrier within the next 8 hours could give the altcoin the technical foundation needed to rise to $1.0585 in the coming 24 hours.

On the other hand, the Sui price failing to close a 4-hour candle higher than $0.9935 within the next 8 hours might invalidate the bullish thesis.

In this alternative scenario, traders will likely begin to take profit. This potential sell pressure could then lead to SUI retesting the aforementioned $0.9348 mark.

If the Sui price loses the $0.9348 support, the crypto might fall back into the negative price channel and seek support from the $0.8730 price point.

From a technical perspective, indicators on SUI’s 4-hour chart suggest that the crypto could keep climbing through the course of the next trading day.

A major bullish flag is about to be triggered by the Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart.

In the last couple of hours, the MACD line has risen towards the MACD Signal line. Now, the prior is attempting to break above the latter.

Should this intersection happen, traders might see it as an indication that the Sui price has entered a short-term positive trend.

Meanwhile, the Relative Strength Index (RSI) indicator shows that bulls have the upper hand against bears. The RSI does, however, warn that SUI is currently overbought.

RSI readings have risen from below 50 to high 60s in the last 24 hours. This shows increasing bullish strength.

With the RSI line still positively sloped, it seems buyers have no intention of letting up any time soon.

Traders will want to keep an eye on the RSI for any changes in slope in the coming 24 hours, because high RSI readings are normally seen as a sell signal. This is because they suggest that a crypto’s downside potential is greater than its upside potential. However, it is not unusual for RSI readings to remain high when a crypto is pumping.

While traders decide whether to act on the bullish technical flag or the sell signal presented by the RSI on SUI’s 4-hour chart, layer-2 meme coin Pepe Unchained (PEPU) is fast-approaching the $13 million mark with its blockbuster ICO.

A Launchpad For The Next Generation Of Meme Coins

Pepe Unchained (PEPU) aims to elevate the popular PEPE meme coin to new heights to unlock higher transaction speeds and slash network fees for the token’s holders.

Up until now, the congested Ethereum network, which PEPE currently calls home, has created a less than optimal transaction experience for investors. The situation is likely to worsen as more altcoins enter the Ethereum ecosystem.

Through its layer-2 blockchain, Pepe Unchained will transfer PEPE’s transaction processing work off of the Ethereum mainnet to give the meme coin’s backers the transactional experience they deserve.

What’s more, the project plans to lend its computational resources to the next generation of meme coins to create a nirvana for the future’s lighthearted cryptos. Thanks to bridging technology, investors will, however, still be able to seamlessly shift value between the Ethereum and Pepe Unchained blockchains.

This ability to transact on two chains with ease, coupled with Pepe Unchained’s layer-2 scaling capabilities and meme coin appeal, has caught the attention of popular YouTuber ClayBro.

In a video to his 130K subscribers, he said that the project has the potential to lead the meme coin sector.

Investors Bet Big On PEPU’s Future

If Pepe Unchained’s presale performance is any indication of what’s to come, then investors have a lot to be excited about. So far, the project has managed to raise over $12.9 million through its ongoing presale.

The 159% APY being offered to presale buyers who stake their tokens during this early stage is another key reason for the project’s presale success.

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