Decoding SUI’s price action – Why a $1.68 breakout could extend toward…

On the thirty first of December, it was reported that Bitwise filed for 11 cryptocurrency ETFs. One of many altcoins included was Sui.

Since then, the token’s worth has rallied practically 19% in three days.

Bitcoin was difficult the $90k resistance zone on the time of writing. The Bitcoin Dominance has fallen noticeably since Tuesday, the thirtieth of December, a mirrored image of the relative power within the altcoin market.

Can this power final, and can Sui [SUI] embark on a sustained uptrend?

Right here’s why Sui can rally one other 70%

Supply: SUI/USDT on TradingView

The 1-week chart was firmly bearish, however a worth bounce was underway. A weekly session shut above $1.79 can be an indication that SUI bulls have some momentary management.

This could drive costs towards $2.95 and $3.4. These ranges have been the important thing Fibonacci retracement ranges overhead.

Neither the momentum nor the shopping for strain mirrored bullish power on this timeframe, regardless of the latest positive aspects.

The potential of a reversal on the vary highs

Supply: SUI/USDT on TradingView

The vary formation (purple) has its excessive at $1.68, and SUI was buying and selling above it on the time of writing. A day by day session shut above the vary excessive can be a powerful signal of bullish conviction.

Failure to exit the vary could possibly be an early warning of bearish power and an incoming rejection. As issues stand, this consequence seems much less seemingly.

Merchants’ name to action- Purchase the breakout

The OBV was trying to climb greater, and the Superior Oscillator had already made a bullish crossover, indicating rising demand and momentum. Bitcoin [BTC] has additionally scaled the native resistance at $90k, fueling bullish conviction throughout the market.

Because the weekly chart confirmed, merchants can purchase the breakout and eye formidable targets similar to $3.40.

Remaining Ideas

• The Sui rally was seemingly a results of the Bitwise spot ETF utility information in addition to the Bitcoin bounce.
• A breakout previous $1.68 might take Sui to $2 subsequent, and probably as excessive as $3.40 within the coming weeks.

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.