zkLogin is a new Web3 authentication solution from the Sui Foundation that lets users log in to DApps with their existing accounts from Google, Facebook, Twitch, and others. zkLogin uses zk-SNARK technology to protect user data and privacy, unlike traditional login methods.
This matches the blockchain and Web3 values. zkLogin also makes Web3 more accessible and user-friendly. Users do not need a separate wallet or mnemonic phrases to join the Sui ecosystem.
Developers can easily add zkLogin to their applications. zkLogin on the mainnet is a big step towards connecting the traditional web and the decentralized world. The Sui Foundation aims to make Web3 more inclusive and user-centric.
SUI Coin Price Technical Analysis in the 1-Day Timeframe
The SUI price faced resistance from the 50 exponential moving averages (EMAs) and was trading at $0.4790 price with an intraday gain of 7.16%. At the time of publishing, Sui (CBITSTAMP: SUI) is trading beneath the 20, and 50-day EMAs (exponential moving averages) which are rejecting the SUI price trend.
The MACD line at 0.0129 and the signal line at 0.0193 are both under the zero line and they are crossing each other. The histogram gap is narrow in the MACD oscillator, which shows that the price is consolidating.
The RSI value is 55.06 points and the 14-day SMA is 41.33 points, which is below the middle line.
Sui crypto rose by 9.40% in market value and rose by 134.20% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $380,374,518 and its trading volume is $129,977,409. There are 791,777,575 SUI in circulation.
Sui (SUI) open interest is $82.82 Million, as per Coinglass, which is a crypto analysis website, it rose by 33.10% in the previous session. The long versus short ratio for 24 hours is 0.996. The total number of short positions added in the last 24 hours is $626.36K against longs of $231.89K.
Moreover, Sui (CBITSTAMP: SUI) has not shown any good performance this month, as it fell by 10.15% and by 59.18% in the past six months, showing underperformance. However, on the upside, the SUI price could meet the nearest resistance levels at $0.6 and $0.7.
On the other hand, the SUI price could resume its downtrend and reach the nearest support levels at $0.4 and $0.3 if it fails to hold the current level.
Conclusion
The SUI price shows the negative outlook and expectations of the investors and traders about the SUI in the daily chart. Sui price movement shows a bearish trend at the time of writing. Furthermore, the technical indicators of the Sui price suggest that the downtrend may continue in the daily chart. Important reliable indicators MACD, RSI, and EMA, give negative signals about the SUI price.
Technical Levels:
- Support levels: $0.4 and $0.3.
- Resistance levels: $0.6 and $0.7.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/29/sui-will-sui-crypto-price-boost-upward-to-the-next-target-of-1/