SUI Price Steadily Rising, Will It Reach New ATH? Here is the Technical Analysis

The crypto market is currently not doing well. However, the price of SUI has been steadily increasing in the past month. What is the reason for this increase in the price of the token?

Amid the crypto market, which is currently red, a piece of good news came from SUI. SUI Price experienced a significant increase of up to 20% in the last 24 hours when BTC, ETH, BNB, SOL, and USDT experienced a price decline.

What is the reason behind this spike in token prices? Read the explanation in this article until the end.

Why are SUI prices increasing?

In terms of market capitalization, SUI is ranked 18th. Even though it has not yet entered the top ten, in the last month, SUI's performance is considered very good. This is because SUI experienced an increase of up to 124% during that time.

There are several reasons why SUI prices have increased, one of which is the news that the USDC Circle stablecoin will be launched on the Sui Network. The announcement of this launch was made on September 17 and since then, the price of SUI tokens has experienced a steady increase until now.

The launch of USDC is considered important because it is classified as the second largest token in the world as a currency that is used significantly in on-chain transactions besides USDT. SUI, which has experienced a smart contract network, makes investors optimistic about the innovations that will occur in the future.

Apart from the news of the launch of USDC on the SUI network, support from one of the global crypto exchanges also makes SUI even more prominent among investors. 

Current SUI Price Chart

At the time of writing, SUI was trading at $2.0134 with an increase of +3.79%. The highest price was $2.1646 in the last 24 hours.

It can be seen from the capture above taken from Market Bitrue, SUI currently has a positive outlook price chart. The RSI indicator is at 59, which means the buying trend dominates positively compared to the selling trend.

The MACD SUI indicator also appears to be climbing upwards. SUI token holders must get ready because a bullish SUI trend will occur.

Current Crypto Market Conditions

As mentioned at the beginning, currently the crypto market is red. Large tokens, such as BTC, ETH, and SOL experienced significant price declines. 

Bitcoin Price currently is $62,213 with a decline of -2.22%, Ethereum price was $2,422 with a decline of -2.54%. The decline in SOL is higher, namely -4.06%, and currently Solana is trading at $142.86.

This condition occurs due to several factors, one of which is because the conflict between Iran and Israel has continued to heat up since October 1. October is much awaited as a happy month with its #Uptober.

However, given the nature of the crypto ecosystem's reaction to conflict between countries, will #Uptober still happen? You can follow the latest conditions in the crypto ecosystem by reading Bitrue articles.

About Bitrue

Bitrue is a leading cryptocurrency exchange, offering a wide range of digital assets, innovative features, and user-focused services. Founded with the mission to empower the world’s crypto enthusiasts, Bitrue continues to expand its platform with new products, events, and opportunities for users worldwide.

BIR Commissioner Lumagui & BIR Personnel received Cybersecurity Awards from United States Agency for International Development during Cybersecurity Month

Wazzup Pilipinas!?

Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. received the Cybersecurity Vanguard award from the United States Agency for International Development (USAID) through the latter's Better Access and Connectivity (BEACON) Project last October 3, 2024. Several BIR personnel also received awards from the USAID.

"The Cybersecurity Vanguard, Cybersecurity Ironman, and Cybersecurity Champion awards given by the United States Agency for International Development to the BIR is an international recognition of our efforts in strengthening our cybersecurity. The BIR values data security, and recognizes the importance of safeguarding sensitive taxpayer information," Commissioner Lumagui stated.

 The BIR was honored with three distinguished awards. These accolades celebrate the BIR and its personnel who have excelled in embodying cybersecurity initiatives and best practices, serving as exemplary models for others.

1. CYBERSECURITY VANGUARD - is given in honor of the Bureau’s outstanding leadership and exceptional commitment to the Cybersecurity Capacity Building Initiative. This is a testimony to the Bureau’s strategies to safeguard data and avert breaches that could compromise public confidence, as evidenced by having the most number of employee participations in the said cybersecurity trainings. 

2. CYBERSECURITY IRONMAN - is given to an individual participant in honor of their remarkable achievement in completing the most number of cybersecurity trainings/workshops hours.  USAID-BEACON awarded CYBERSECURITY IRONMAN to five BIR personnel who have demonstrated exceptional skills in cybersecurity defense through their extensive training participation.

3. CYBERSECURITY CHAMPION -  is presented to two BIR personnel who have played a vital role in upholding cybersecurity best practices, recognized for their significant training hours. The awardees have completed the most number of cybersecurity trainings/workshops sessions under the Cybersecurity Capacity Building Initiative.

"The BIR is grateful to USAID for these awards. We look forward to future cybersecurity trainings," Commissioner Lumagui stated.

BIR launches Educational Tour Program for Students and Educational Institutions

Wazzup Pilipinas!?

Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. re-launched the BIR Educational Tour Program for students last October 1, 2024 when the BIR National Office hosted ninety-four (94) Business Administration students (major in Financial Management) from the Batangas State University. The program is aimed to orient the students to the BIR’s role in nation-building and its contributions to the country’s economic development. The last educational tour program was still before the pandemic.

"The BIR National Office will be re-launching its Educational Tour program for students. Educational institutions can schedule a tour of the BIR National Office by sending a request to commissioner@bir.gov.ph. The tour will focus on the basic concepts of taxation and the role of both the BIR and taxpayers in nation-building. We look forward to educating  future revenuers and taxpayers of our country" Commissioner Lumagui stated.

Several presentations were delivered and audio-visual materials were shown to familiarize the students with the BIR’s structure and functions. Topics covered during the tour included the history of the BIR, the new BIR logo, and the Bureau’s mandate, and its mission and aspirations for 2028. 

The students were introduced to the BIR Commissioner, Romeo D. Lumagui, Jr., alongside key BIR officials, and were introduced to the Bureau's strategic pillars, particularly its emphasis on delivery of excellent taxpayer service, efficient tax collection, and the importance of national internal revenue taxes in sustaining the government programs and delivery of vital services.

The students were given a tour of the BIR’s facilities, providing them with a firsthand glimpse of the day-to-day operations at the Bureau. They were also given the chance to observe BIR employees in action, particularly on the delivery of taxpayers’ service.

The tour concluded with an interactive Question-and-Answer (Q&A) session where the students had the opportunity to ask questions regarding taxation policies, compliance procedures, and career opportunities within the BIR. The session allowed them to deepen their understanding of various National Internal Revenue Taxes, as well as the BIR's efforts to modernize and streamline its services to improve taxpayer experience.

"The BIR believes that the concept of taxation is for everyone. The BIR Educational Tour is a step towards educating our youth and creating a tax-conscious citizenry" Commissioner Lumagui stated.

Institutions or organizations interested in similar tours are encouraged to coordinate with the BIR through the official email of the Office of the Commissioner at commissioner@bir.gov.ph.