Sui (SUI) has experienced a volatile week, shedding over 30% of its value before rebounding 11% in recent days. While the cryptocurrency faces near term resistance, traders are optimistic about its long-term potential.
Sui (SUI) has experienced a significant price swing over the past month, shedding over 30% of its value. However, a recent rebound above the 200-day Exponential Moving Average (EMA) has triggered a 11% surge over the last three days, outperforming many cryptocurrencies amidst a broader market downtrend . This short-term breakout from a descending channel has fueled trader optimism, with many eager to see if SUI can overcome its near-term resistance levels.
The cryptocurrency's decline from its all-time high of $5.36 found support around the $3 zone, coinciding with the 200-day EMA. This support cushioned the downturn and paved the way for the recent 11% price increase. Currently, the 20-day and 50-day EMAs, situated in the $3.57–$3.88 range, pose a challenge to a stronger bullish recovery. A daily closing price above these EMAs, around the $4 mark, could signal a more robust recovery attempt towards the $4.05–$4.50 region. Conversely, failure to break above these EMAs might result in sustained consolidation or a mild pullback towards the 200-day EMA at $3, especially if broader market sentiment remains volatile.Should the overall market sentiment worsen, a drop towards the $2.80–$2.50 support level cannot be ruled out. Meanwhile, the Relative Strength Index (RSI) on the daily timeframe hovers around 44, suggesting a slight bearish edge. A decisive move above the 50 level on the RSI would indicate increasing buying pressure. Notably, trading volume has increased by approximately 9.37% to $2.56 billion, reflecting renewed trader interest. Open Interest has also climbed by around 6.8%, highlighting fresh capital entering SUI's Futures market. At the time of writing, the 24-hour long/short overall ratio stands near 1, indicating an almost even split between long and short positions. However, Binance's SUI/USDT ratio reveals a more bullish sentiment at 2.07. Interestingly, in the 1-hour and 12-hour “Rekt” statistics, long liquidations have outpaced short liquidations. More long liquidations suggest that traders anticipating a rise in SUI's price were caught off guard by a price decline. Despite this short-term volatility, the uptick in Open Interest hints at the potential for larger price movements as buyers and sellers reposition themselves. As always, closely monitoring Bitcoin's momentum and broader crypto market cues can assist traders in gauging SUI's near-term direction. While fundamentals still paint a positive long-term narrative, the next few days are crucial for short-term traders seeking to capitalize on price fluctuations
Sui SUI Cryptocurrency Rebound Market Downtrend Resistance Technical Analysis Trading
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