- SUI is trading at $5.10, having gained over 10%.
- The altcoin is 5.13% below its all-time high.
While the crypto market is stumbling to regain momentum from the bear trap, the altcoin, SUI, has recorded a notable gain of over 10.48%. With a constant uptrend in its trading pattern, will the asset attempt to achieve a new all-time high?
SUI has managed to break through its crucial resistance levels at $5.06 and $5.10, inferring a potential upside correction. This surge of SUI might aim to potentially break the new ATH set a few days ago, which could stir the market sentiment.
In the early hours, the asset began trading at $4.59 and plunged toward the $4.50 mark. Later, after the bullish correction, SUI jumped to a high of $5.13. At the time of writing, it trades at $5.10 with the asset’s daily trading volume reaching $2.26 billion. Besides, SUI has witnessed a 24-hour liquidation of $7.54 million.
On the other side, SUI has recorded a gain of over 18%. The asset began trading at $4.31 and gradually mounted to hit its all-time high of $5.35. The upward momentum of the altcoin was set in motion to last.
Will SUI Sustain Its Upward Trajectory?
The four-hour trading pattern unveils SUI’s recent rally, which might drive the asset closer to its all-time high. If the uptrend continues, the asset could test the nearby resistance at $5.14. Extended gains could target a high.
However, if the ongoing momentum weakens and a downtrend emerges, the SUI price might instantly plunge toward $5.05. Should this level fail to hold, the asset could further drop to a low of $4.94, acting as a crucial range for SUI.
As SUI’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line, the asset’s technical analysis reports an upside correction. This crossover also suggests potential buying opportunities.
Moreover, the indicator that confirms the capital flow, the Chaikin Money Flow (CMF), is at 0.00. It indicates a neutral stance in the market—buying and selling pressures are balanced with no clear dominance. Meanwhile, the trading volume of SUI has increased by over 12.45%.
In addition, the daily relative strength index (RSI) is positioned at 59.68, indicating moderate bullish momentum. This level might be a sign of a continued uptrend. The 24-hour frame of SUI displays the short-term 9-day MA below the long-term 21-day MA.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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