Sui Network has witness a sudden -8% price drop amid a retracement from upper trendline resistance, but could SUI price analysis reveal whether SUI is going to zero?
This comes as Sui Network continues to see major developments in DeFi applications, in a push for growth that has recently seen SUI overtake Bitcoin in total-value locked, amid a 2,000% TVL move.
This just in – Sui flipped #BTC in TVL and now ranks 13th among all chains, per @DefiLlama!
Sui broke through the $300M mark in the process, just 48 hours after passing $250M.
It’s no surprise when you see some of the incredible milestones Sui DeFi builders are achieving. pic.twitter.com/4bdPO8st40
— Sui (@SuiNetwork) January 14, 2024
With traders remaining bullish on the huge +230% rally, sentiment suggests a minor retracement into consolidation could form the bedrock of another upside move.
SUI Price Analysis: Will Sui Network Continue to Push-Up After -8% Price Drop?
As a retracement move dominates localized price action, SUI is currently trading at a market price of $1.24 (representing a 24-hour change of -2.03%).
Now testing immediate lower support at $1.22 as SUI bulls attempt to consolidate support at this higher level, a bounce here could see SUI post a new all-time high for the first time since May.
Yet, retracement risk remains high here in the chart as price breaks away from the steadfast under footing of the 20DMA (sat low at $0.98).
This extended divergence above key moving average support now stands at a whopping +27.35% divergence, highlighting the potential free-fall risk facing SUI price.
However, lower supports offer some potential relief from a further downside move with a major potential floor at $1.
Despite this, the 200DMA is steadily rising and might soon converge into the lower trendline – adding additional baseline support to the current breakout trading channel.
But despite the -8% drop, the RSI indicator remains at bearish overbought divergence, around 66.36 – suggesting that a further retracement move could be needed to provide SUI Network with the capacity to push up once more.
The MACD on the other hand remains bullish at 0.0360 – suggesting upside momentum is still dominant over price trajectory.
Overall, SUI price analysis reveals that this retracement could go slightly deeper, although little risk of a move down to zero is visible in the chart.
To the upside this leaves SUI price with a target at higher support around $1.45 (a potential +16.27%).
While downside risk could see SUI price fall down to lower support at $1 (a possible -19.87%).
Consequently, SUI price analysis reveals that Sui Network has an ongoing risk: reward ratio of 0.87 – suggesting a weak entry-point that could signal a further retracement move is on the horizon.
But while, SUI price analysis offers an unappealing entry, a stronger potential play emerges in an innovative Bitcoin mining project aiming to democratize block rewards to retail investors.
SUI Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $8.63M Raised
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Big accomplishment for #BitcoinMinetrix!
Surpassing the $8,600,000 milestone! pic.twitter.com/r3i9wdtSbg
— Bitcoinminetrix (@bitcoinminetrix) January 17, 2024
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$9M In The Crosshairs: Bitcoin Minetrix Surges Past $8.6M – Poised to Outperform SUI Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over SUI Price Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
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Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $8.6m raised towards its $9.5M goal. At a competitive price of just $0.0127 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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