SUI Plunges 11% as Investors Decrease Their Exposure to the Altcoin

The Sui price plunged over 11% in the last 24 hours to trade at $4.58 as of 6:25 a.m. EST as investors decrease their exposure to the altcoin.

Investors are pulling their funds out of the Sui (SUI) crypto as the token’s price dropped over 11% in the last 24 hours to trade at $4.58 as of 6:25 a.m. EST.

The Sui price pullback comes after the crypto’s price surged over 10% in the last week of trading. Despite the pullback in the SUI price throughout the past day of trading, the crypto’s weekly performance still remains more than 10% in the green.

The Sui price has been in a negative sequence in the last few days, and is now resting on the $4.5061 support, according to GeckoTerminal data. Should the crypto fall below this technical safety net, it could be at risk of falling down to the subsequent mark at $3.9794.

However, the Sui price closing today’s daily candle above the $4.5061 support might invalidate the bearish thesis. In this alternative case, the altcoin will likely attempt to flip the $4.9450 mark, which it dropped below in the last 48 hours, back into support. Thereafter, continued pressure from bulls could lead to SUI rising to as high as $5.3620 in the short term.

From a technical standpoint, SUI’s bearish move seems to still be in its early stages. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the daily chart warn the Sui price might keep dropping in the coming 48 hours.

Most notably, the MACD is on the verge of triggering a major bearish technical flag, with the MACD line attempting to cross below the MACD Signal line. Should this intersection happen in the next 24 hours, it might be seen as an indication that SUI has entered a negative cycle.

Meanwhile, RSI readings have plunged in the last couple of days as well, which suggests weakening buying power. Although the current reading above 50 indicates some bullish strength, the negative slope of the RSI line warns that sellers could soon completely take over control of the Sui price.

If these bearish technical warnings influence traders’ decision making, it could lead to the Sui price falling below the $4.5061 support to potentially fall to as low as $3.9794.

While SUI stands the risk of dropping some more in the coming 48 hours, investors continue to pile into a new meme coin presale called Flockerz (FLOCK).

An analyst from the 99Bitcoins YouTube channel, which has over 706K subscribers, reviewed the meme coin. According to him, the meme coin has the potential to soar 100X after its launch.

An interesting project, called Flockerz, has an unusual coin, called FLOCK, which is leaving its future in the hands of its community through a vote-to-earn model, which will be used to govern the project.

Unlike other crypto projects that claim to be decentralized but aren’t, Flockerz is a truly community-focused meme coin. Its high level of decentralization is achieved through the project’s innovative vote-to-earn model, which gives each FLOCK holder the opportunity to vote during important governance meetings.

After placing a vote in the project’s Decentralized Autonomous Organization (DAO), named Flocktopia, token holders are rewarded with additional FLOCK. This financial incentive and interactive approach to governance will likely keep the project’s community members engaged for the long run. This is something that even non-meme coin projects struggle to achieve.

Flockerz has managed to raise over $9.1 million through its red-hot presale so far, as investors bet big on the project’s future. Now, there are just over 14 days left for investors to buy FLOCK in its presale phase and position themselves ahead of the 100X surge 99Bitcoins predicted.

To get in on this ground stage, investors can acquire the token using the simple buy widget embedded on the project’s website. Selling for $0.0066351, FLOCK can be bought with either crypto or bank card. Once purchased, the tokens can also be staked for an impressive 298% APY.