- Sui broke past the $1.05 level to flip its market structure bullishly.
- The swift gains were supported by a volume increase and made a move toward $1.77 more likely.
As a seasoned researcher with years of experience in the crypto markets, I’ve seen my fair share of bull runs and bear markets. The past week has been particularly exciting with SUI [SUI] showing remarkable strength.
Over the last week, SUI had an impressive upward trend. If we measure from the lowest point on Monday to the highest point on Sunday, the token experienced a surge of approximately 51.35%. However, in the past 24 hours, there’s been a slight retreat from the peak price of $1.5769.
Over a longer period, the perspective remained optimistic, but there might be a temporary decrease in value in the near future. Here are some strategies for swing traders to manage price fluctuations during the coming fortnight.
Is SUI overextended?
On Sunday, the 15th of September, Sui concluded its daily trading beyond the $1.05 benchmark, a level that previously served as a peak in the local market. This peak had triggered a price reversal in August, causing Sui to plummet to the $0.79 support point.
After surpassing the $1.05 level, the market’s daily structure transformed positively towards bullishness. Swiftly taking charge, buyers started making their presence felt in the marketplace. Over the subsequent week, they propelled prices upward, resulting in a significant 51.33% surge within just three days from Tuesday to Friday.
In simpler terms, the OBV (On-Balance Volume) exceeded a nearby resistance point, and the Relative Strength Index (RSI) climbed to 78, which is considered an overbought zone. This rapid increase suggests that a short-term pullback could occur soon.
Over the coming weeks, it’s anticipated that SUI will experience a period of growth, as the price may reach around $1.77, which represents a 100% extension level. However, the $1.44 to $1.52 range has proven resistant, and this resistance might cause a brief retreat for the bulls before they continue their push forward.
Liquidation levels show how low a dip could go
According to AMBCrypto’s analysis, the overall liquidity difference leaned heavily towards the bullish side. However, this advantage has decreased slightly over the past 24 hours as the token dropped from $1.57 to $1.44. There might be a potential further drop.
Read Sui’s [SUI] Price Prediction 2024-25
In simpler terms, the temporary price goals are set at $1.42, $1.37, and $1.3. If Bitcoin manages to remain above its current support level of $60k, a rebound in prices within the next week is expected from these levels.
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2024-09-21 20:07