SUI Bulls Gear Up, Can They Push Through The $1.16 Ceiling?
2024年9月13日 - 12:30AM
NEWSBTC
SUI is gearing up for a critical move as bullish momentum builds,
setting its sights on the $1.16 resistance level. After a period of
consolidation, buyers are showing renewed interest, driving the
price higher and sparking hopes of a potential breakout. However,
the question remains: can the bulls muster enough strength to
overcome this key barrier, or will the $1.16 ceiling hold firm and
stall further upside? This analysis explores whether SUI’s bulls
have the momentum to break through the critical $1.16 resistance
level. We’ll examine key technical indicators, market trends, and
potential scenarios to determine if SUI can sustain its recent
upward movement or if it will face another setback. Bullish
Indicators: Are The Stars Aligning For A Break? On the 4-hour
chart, SUI is showing strong positive momentum as it trades above
the 100-day Simple Moving Average (SMA). The printing of multiple
bullish candlesticks highlights solid buying interest and favorable
market sentiment, indicating that a break above the $1.16 level
could be on the horizon. Additionally, the Relative Strength Index
(RSI) on the 4-hour chart has climbed above the 50% mark and is
currently at 69%. This upward movement suggests that upbeat
momentum is strengthening, indicating that buying pressure is
increasing. As the RSI approaches overbought territory, it may
signal that a breakout could be imminent, with the potential for
the price to push higher if the current trend continues. Related
Reading: SUI Crashes 23% As September Unleashes Market Panic—Is A
Comeback Possible? Technical analysis on the 1-day chart shows that
SUI is also making a bullish move toward the $1.18 resistance level
after the short-term pullback, highlighted by the formation of a
hammer candlestick. Furthermore, the price is trading above the
100-day SMA, reinforcing the positive market sentiment, with buyers
potentially driving the price higher for a potential breakout.
Finally, the RSI signal line on the 1-day chart is trending above
the 50% mark, currently at 64%. This suggests that SUI is still
experiencing bullish pressure, with the potential for buyers to
maintain their dominance and push the price higher. Critical Levels
To Watch: Support And Resistance Zones For SUI SUI is approaching a
key level that could determine its next move. A breakout above the
$1.16 resistance level could signal a promising trend and open the
path to higher targets, such as $1.44 and its all-time high of
$2.18. Related Reading: SUI Soars 50%, Analyst Eyes 190% Price
Rally – Details If the price is rejected at this level, SUI could
find support near $0.8411. Should it fall below this support, the
next potential stop might be the $0.3550 level, with further
declines possibly leading to the exploration of additional key
support zones. SUI was trading at approximately $1.02 at the time
of writing, reflecting a 15.84% increase. The cryptocurrency has a
market capitalization of over $2.7 billion and a trading volume of
$418 million. Over the past 24 hours, its market cap and trading
volume have increased by 15.75% and 55.47%, respectively. Featured
image from LinkedIn, chart from Tradingview.com
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