- Sui has entered a bullish trend with higher highs and lows, aiming for $1.50-$1.80.
- Volume and open interest surges indicate growing market confidence and potential further gains.
As a seasoned researcher with over a decade of experience analyzing cryptocurrencies, I’ve seen my fair share of bullish and bearish trends. However, Sui [SUI] is one that has caught my attention recently, given its impressive surge in the past 24 hours at press time.
In simpler terms, after being in an upward trend on larger timeframes, SUI is showing signs of a possible bullish market with consecutive higher lows and higher highs. At the moment of writing this, SUI experienced a 7.47% rise over the past 24 hours and is now trading at $1.18.
Could this change in direction spark a major surge for Sui, leaving traders curious? Let’s delve into the examination to foresee SUI‘s future course.
Is Sui forming a new bullish trend?
Sui’s graph shows a pattern typical of an uptrend, with both high and low prices progressively increasing (higher highs and higher lows). Following a rebound from approximately $0.60 in the early part of this year, SUI has consistently risen, surpassing multiple significant resistance levels.
The rising trend suggests that positive momentum for Sui is increasing, causing investors to watch if Sui can maintain this progression and potentially rise even further over the next few weeks.
Can Sui break through the key resistance levels?
As Sui moves closer to the notable barrier at roughly $1.2047, it may struggle to push through. Should it manage to surpass this point, potential new highs could be seen within the range of $1.50 to $1.80. However, if Sui experiences a downturn, support might be found around $1.1253. A more substantial level of support can be expected at approximately $1.0459.
Will the bulls be able to surmount these resistance levels, leading to the initiation of a fresh bullish trend?
What do the volume and open interest say about Sui’s future?
Data on trading volume and open interest indicate a swift increase in popularity for Sui. Specifically, the token’s trading volume has spiked by approximately 3.25% to reach an impressive $1.83 billion, as per Coinglass reports. Meanwhile, the open interest has experienced a significant boost of 11.86%, now standing at a substantial $331.21 million.
With these numbers on the rise, the outlook for Sui appears increasingly bullish.
Where are the key battlegrounds for bulls and bears?
The bustling of trades within the $1.00 to $1.20 area has significantly increased. This section might act as a pivotal battleground for bulls and bears. If the bulls manage to convincingly surpass this boundary, a notable surge could propel Sui towards $1.50 and possibly beyond.
Realistic or not, here’s SUI market cap in BTC’s terms
Sui’s recent surge beyond important resistance points, accompanied by a rise in trading volume and an increase in open contracts, hints at potential continued growth.
As I scrutinize the current market trends, a crucial query lingers: Will Sui manage to surpass the resistance at $1.25, igniting the anticipated major upswing? The circumstances seem favorable, yet it’s the future that holds the answer. The stage is set for a thrilling ride in this dynamic market.
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2024-09-18 08:07