Is It Too Late to Buy Sui? SUI Price Bounces 34% From Recent Bottom and This New Penny Crypto Could Reach $1 Million Soon – What Does it Do?
Even though it wasn’t directly named by the US Securities and Exchange Commission (SEC) as a security in last week’s Coinbase and Binance lawsuits, the Sui (SUI) price got absolutely slammed.
SUI broke to the south of a short-term downtrend and from its high on Monday around $0.96 per token to its low on Saturday just above $0.51 per token, nearly lost half of its value.
Traders have been flocking out of altcoins and into safer crypto bets like stablecoins or bitcoin in wake of the SEC’s latest lawsuit, which pretty much made clear the agency’s viewpoint that all cryptocurrencies aside from bitcoin are securities.
Traders seem to have taken the view that SUI, the token that powers the recently launched Sui layer-1 blockchain protocol that bills itself as revolutionary for the digital asset space, is also at risk of a future security classification.
But SUI has nonetheless been able to bounce an impressive 34% from its recent low, helping in part by a new governance proposal to introduce liquid staking.
SUI was last changing hands around $0.69 per token and investors are now unsurprisingly asking whether they missed out on buying the dip.
“Is it too late to buy Sui?” they may be questioning themselves.
Well, given the current elevated uncertainty in the market and still very bearish make-up of the SUI chart, more downside can probably be expected.
That implies that traders/investors hoping to scale into SUI might do well in waiting a little, rather than rushing in now out of fear that they are “too late”.
That being said, crypto markets are very unpredictable and if this week’s Fed meeting sparks a broader market revival, SUI could easily pop back towards $1.0.
Investors looking for a better shot at near-term gains might want to
Read more on cryptonews.com
