During the U.S. trading session on Wednesday, the cryptocurrency market witnessed a sudden uptick following the Fed interest rates by 50 BPS. The Bitcoin price surged above $60000 and sparked a renewed recovery momentum in the altcoin market. The layer 1 cryptocurrency SUI recorded a 7% price surge to $1.25 and emerged among the highest against. Will the recovery be sustained?
SUI Price Surged Amid USDC Integration and MoviePass Partnership
Circle, the company behind USDC, is expanding its stablecoin capabilities by integrating USDC with the Sui Network through the Cross-Chain Transfer Protocol (CCTP). This collaboration could exchange the interoperability of USDC across multiple blockchains, making the transfer of funds seamless between different networks.
Sui Network, known for its high throughput and scalability focus, could witness heightened network activity from USDC integration. As USDC stands among the most used stablecoins, the SUI could witness a surge in liquidity and DeFi operations.
Amid the announcement, the SUI price regained a stable foot above the $1 psychological level.
Moreover, the SUI blockchain has recently partnered with MoviePass, a subscription-based movie ticketing service, to help decentralize the film industry. By leveraging blockchain technology, the collaboration aims to provide innovative tools for movie producers while empowering fans to influence the creation process of their favorite films.
Sui 🤝 @MoviePass
We’re partnering with MoviePass to help decentralize the film industry—empowering movie producers with innovative tools and enabling fans to influence how their favorite films come to life.
🎬 And that’s just the start! MoviePass will soon accept native USDC… pic.twitter.com/jshPXkBu0H
— Sui (@SuiNetwork) September 17, 2024
According to DefiLlama data, the total volume locked in SUI has rapidly risen since early August, reaching a peak of $738 million. The TVL surge is marked as a healthy and growing network as more funds enter the protocol, enhancing its DeFI activity.
SUI Price Gives Major Breakout From Reversal Pattern
SUI price has outperformed the most major altcoins in September so far. The bullish turnaround in the daily chart shows a price recovery from $0.74 to $1.21, registering a 64%.
The rising price managed to reclaim daily exponential moving averages (20, 50, 100, and 200) and developed a well-known bullish reversal pattern called potential inverted head and shoulder. The chart pattern setup resembles three consecutive troughs, with the middle one (the “head”) being the lowest and the two outside troughs (the “shoulders”) being higher.
On Tuesday, the SUI price gave a decisive breakout from the pattern’s resistance trendline at $1.1, signaling a change in market sentiment. Furthermore, the 6% intraday gain today offers a suitable follow-up to the breakout, suggesting a 15% surge to $14.4 resistance, followed by a rally to $1.7.
On the contrary, if the SUI price fails to neckline breakout, the sellers could attempt a dive below $1 and extend the consolidation trend
Frequently Asked Questions (FAQs)
The integration of USDC enhances liquidity on the Sui Network, making it more attractive for DeFi projects and increasing overall network activity
The partnership with MoviePass aims to decentralize the film industry using Sui’s blockchain technology, providing innovative tools for movie producers and empowering fans to participate in the creative process
The inverted head and shoulders pattern indicates a potential bullish reversal, and SUI’s recent breakout above the resistance trendline suggests further price growth
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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