Connect with us
Active Currencies 16192
Market Cap $3,669,593,755,565.10
Bitcoin Share 54.43%
24h Market Cap Change $-5.84
Analysis

Sui gains 500% in four months: Traders watch out for THIS key resistance

2min Read

At press time, the 23.6% Fibonacci extension level at $4.494 served as a short-term support.
Posted:
Avatar
Journalist
Ichimoku Cloud Signals Strong Bullish Momentum for SUI
Avatar
Journalist
Posted:

Share this article

  • The Ichimoku Cloud was intensely bullish on the daily timeframe.
  • A price drop below $3.35, unlikely at press time, will shift the higher timeframe expectations bearishly.

Sui Network [SUI] has a strongly bullish long-term outlook. It has performed remarkably well since September, rallying nearly 500% in under four months. Bitcoin’s [BTC] 4.8% price dip in the past 24 hours pulled Sui prices down by 8.6%.

The slight dip in buying volume in recent days gave a clue that Sui bulls could be biding their time before they’re ready to drive the next impulse move higher.

Sui projected to grow beyond the $5 mark

SUI 1-day Chart

Source: SUI/USDT on TradingView

Sui’s price action has been strongly bullish on the daily timeframe, forming higher highs and higher lows since late October. The uptrend began in September when local resistance at $0.9-$1 was broken and retested as support.

Over the past month, the average trading volume has trended slightly downward, indicating weakened buying pressure. This is evident on the A/D indicator, which has slowed down, especially over the past week.

The Ichimoku Cloud remains bullish, highlighting strong support at $3.2 and the $4.1 region. The cloud is thick, showing strong upward momentum over the past month.

At press time, the 23.6% extension level serves as short-term support. While volatility is possible, the next target is more likely to be $5.38 than $3.5 or below.

Short-term range for SUI

Sui Liquidation Heatmap

Source: Coinglass

The Fibonacci extension level at $4.5 served as resistance earlier this month and has been flipped to a demand zone. The 2-week look back period showed a cluster of liquidation levels around $4.3, and another liquidity pocket at $5.

Is your portfolio green? Check the Sui Profit Calculator

The price has also ranged between these two levels over the past week, explaining the liquidity build-up. The Bitcoin price dip and the consolidation phase for SUI meant that this range formation could continue for a few more days.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

 

Next:

Share

Avatar
Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.