Suku price has had a strong start of the year. The small-cap token surged to a high of $0.0726, the highest point since December 1. At its peak, Suku was up by over 100% from its lowest point in December. It is now trading at $0.05, which is still about 50% from its lowest point this year. In this article, we will explore what Suku is and whether it is a good investment.
Suku is a relatively small cryptocurrency that is valued at just $9 million. Accordion to CoinMarketCap, this valuation makes it the 727th biggest token in the world. It is also a thinly-traded token, with a daily average of less than $1 million tokens.
Suku’s developers are building an ecosystem of NFTs and games. Its Chibi Dinos is a uniquely generated NFTs with unique traits that are assigned at miny. Another part of its ecosystem is CryptoDads, a collection of 10,000 randomly generated and unique NFTs that are selected by some of the “greatest dads”. Crypto Monkz is described as a feudalistic DAO for the metaverse.
Suku, which has 56k Twitter followers, has recently come in the spotlight after it launched SukuThis and Suku Web3. SukuThis is a widget that makes it possible for people to mint tweets as NFTs straight from Twitter. It describes the need for the product as a way to collect epic tweets, hold people accountable, and mint predictions. Users do that by simply tagging @SukuThis on Twitter. It will then reply to the Tweet with an OpenSea preview. Still, I have serious concerns about the need for that product.
On the other hand, Suku Web3 Connect is a Google Chrome extension that allows you to collect minted tweets manage NFT collectibles, and trade them on OpenSea.
So, is Suku a good investment? I believe that Suku is not a good investment at all from a fundamental standpoint. The ecosystem will struggle to gain momentum as users find it difficult to sell their tweets. Also, it is the NFT industry, a sector that is seeing substantial weakness lately.
The four-day chart shows that Suku crypto price has made a strong start of the year as investors cheer its NFT products. It soared above the important resistance level at $0.051, the highest point on December 24. The volume increased as the price surged. It has moved above all moving averages while the Stochastic Oscillator has moved close to the oversold level. Volume has continued moving lower.
Therefore, I suspect that Suku will continue falling in the coming days as sellers target the next key support level at $0.045. A move above the resistance level at $0.055 will invalidate the bearish view.
This post was last modified on Jan 10, 2023, 06:02 GMT 06:02