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Sui Network hits $600M high – Is SUI’s price headed for $1 now?

2min Read

The spot CVD began to climb higher in the past 24 hours, making a bounce to the $0.9 local resistance zone more likely.

Sui

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  • The daily market structure has shifted recently.
  • The retracement phase could take a few weeks to play out if SUI can’t reclaim $1.

An analysis of Sui [SUI] showed bullish short-term signals and that a 9% move higher was possible. The network’s Total Value Locked (TVL) grew and surpassed the $600 million and the news buoyed investors.

Network users are also likely to be enthused by the high transaction speed and the rising prices reflect growing conviction in the token. However, there are some hurdles in the way for long-term holders.

Bearish structure break promises a partial retracement

SUI 1-day TradingView

Source: SUI/USDT on TradingView

On the 10th of August, the market structure on the daily chart shifted bullishly after SUI climbed above $0.902. The move rose to $1.11, nearly retesting the resistance zone from May. Since then, the token saw some retracement.

The market structure flipped bearishly on the 31st of August to show that a retracement phase was likely upon us. The $0.9-$0.93 zone is a short-term target before further losses.

The daily RSI was at 49.9 to show momentum was neutral. It fell bearishly during the market structure break. Meanwhile the OBV did not maintain the highs it claimed in August.

This showed that traders were not confident of a sustained rally. The Fibonacci retracement levels at $0.6 and $0.712 are the next target levels.

Spot CVD uptick supports the idea of a price bounce

Sui Coinalyze

Source: Coinalyze

Over the past two days, the price bounce from $0.75 to $0.83 was accompanied by an increase in Open Interest of nearly $20 million.


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This showed that speculators were willing to go long on SUI, expecting profits.

The spot CVD began to climb higher in the past 24 hours. Hence, a bounce to the $0.9 local resistance zone appeared likely. Whether bulls would face rejection there remains to be seen.

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

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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.
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