Sui Price Eyes $1.5 Surge as MoviePass Partnership Fuels USDC Integration

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As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I find the recent surge of SUI particularly intriguing. The USDC integration and MoviePass partnership are significant steps that could propel Sui Network to new heights. The TVL surge and the bullish reversal pattern suggest a promising outlook for SUI.

On Wednesday during regular U.S. trading hours, the cryptocurrency market experienced an unexpected rise, likely due to the Federal Reserve increasing interest rates by 0.5%. Bitcoin‘s value soared past $60,000, igniting a fresh wave of recovery in the altcoin sector. The layer one cryptocurrency SUI saw a 7% price hike to reach $1.25 and became one of the top performers in the market. Will this positive trend continue?

SUI Price Surged Amid USDC Integration and MoviePass Partnership

Circulus, the organization responsible for USD Coin (USDC), is broadening its stablecoin functionalities by linking USDC with the Sui Network using the Cross-Chain Transfer Protocol (CCTP). This partnership aims to enhance the compatibility of USDC across numerous blockchains, thereby facilitating effortless fund transfers between various networks.

The Sui Network, which is recognized for its emphasis on high throughput and scalability, might experience increased network usage due to the integration of USDC. Given that USDC is one of the most commonly used stablecoins, the Sui Network could see an influx of liquidity and DeFi activities.

Amid the announcement, the SUI price regained a stable foot above the $1 psychological level.

Additionally, it’s worth noting that the SUI blockchain has recently formed an alliance with MoviePass, a popular movie ticketing service. This partnership intends to use blockchain technology to bring about change in the film industry by offering innovative resources for movie creators and granting fans the opportunity to impact the development of their preferred films.

Sui @MoviePass

Together, we’re teaming up with MoviePass to democratize the movie-making process. This means providing filmmakers with cutting-edge resources and allowing movie enthusiasts a chance to shape the creation of their beloved films.

And that’s just the start! MoviePass will soon accept native USDC…

— Sui (@SuiNetwork) September 17, 2024

As per DefiLlama’s statistics, the value locked within SUI has significantly increased since early August, peaking at approximately $738 million. This spike in Total Value Locked (TVL) is indicative of a thriving and expanding network, as more funds are being channeled into the protocol, thereby boosting its DeFi activity.

SUI Price Gives Major Breakout From Reversal Pattern

So far in September, SuI’s price has surpassed many of the leading altcoins. A positive reversal in its daily chart indicates a price increase from $0.74 to $1.21, translating to an impressive gain of approximately 64%.

The price increase successfully regained its daily exponential moving averages (20, 50, 100, and 200) and formed a commonly recognized bullish reversal pattern that could be an inverted head and shoulder pattern. This chart setup appears as three successive low points, with the middle one (the “head”) being the lowest and the two outer low points (the “shoulders”) higher than it.

On Tuesday, the SUI price experienced a significant jump past its resistance trendline at $1.1, indicating a shift in market opinion. Additionally, today’s 6% increase provides strong evidence supporting this breakout, hinting at a potential rise of up to 15% towards the $14.4 resistance level. Following this, there might be an upward momentum taking the price to around $1.7.

Sui Price Eyes $1.5 Surge as MoviePass Partnership Fuels USDC Integration

If the SUI price doesn’t manage to break through its neckline, there’s a possibility that the sellers might try pushing it down below $1, thereby prolonging the current trend of consolidation.

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2024-09-18 22:56