SUI continues to move strongly bullish with more than a 30% spike in the past 3 days. This move started after it broke out from a key price zone at around $1.1458. The price successfully retested the level as new support yesterday, and since then it has risen by close to 20%.
What’s Next for SUI Price
On a general outlook, SUI’s price action remains strong. However, following the spike after the breakout, it is already approaching resistance at around $1.4334, and it will need to break this level to continue the upward move.
If the price does not break the $1.4334 level, it could retrace back to the last broken resistance at around $1.1458. This level would need to hold as support for bulls to remain dominant.
RSI and 200-Day SMA Analysis
The RSI is showing that there may be some retracement because it is already at 78. This overbought reading coincides with the price nearing the key resistance level, which could add to the chances of consolidation before a continued upward move.
The 200-day simple moving average is just below the $1.1458 support, and in case the price gets back to this level, it is expected to be a strong level for a bullish recovery.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 450K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Market’s Strong Bullish Sentiment
There have been cases where the price enters an overbought level but keeps going up, especially when the bullish triggers are very strong. Seeing the overall bullish sentiment in the market following the Federal Reserve’s rate cut yesterday, it wouldn’t be a surprise to see SUI break out of the key resistance.
However, technical analysis still suggests caution. Short-term traders may wait for a decisive breakout before entering long positions.
Read Also: Can Bittensor (TAO) Price Break Crucial Resistance? Analyst Predicts 7.5x Rally
Fantom (FTM) Break Key Resistance Again
FTM is not slowing down at all. It has remained bullish for the past 4 days, shortly after breaking out from a descending channel. Following the breakout, it consolidated for some days and then started to rise strongly.
Yesterday, it broke above a key resistance level at $0.6169, which could be a tailwind for further growth as it is expected to attract more buyers who do not want to miss out on this opportunity.
RSI and SMA Show Mixed Signals
The analysis of the RSI and simple moving average for FTM is a little mixed. The RSI is at a reading of 75, showing overbought levels and suggesting we could see a minor pullback. The 200-day simple moving average is just at the broken resistance of $0.6169, strengthening its chances of becoming strong support.
If this support holds, we expect to see FTM continue its rally. This could also be supported by the more general positive sentiment in the market following the Fed rate cut.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
