The SUI crypto has revealed a strong recovery as the price rallied from a demand zone level of around $0.4000 on the chart. The level was supercharged with buyers and the price rose wonderfully up to the $1.6527 supply level, the price is attempting to sustain at the top to break through the supply level and open doors for new heights.
The asset’s past price structure highlights that the asset is showing more bullish signs and has the potential to advance further. It has performed well in the past month, and quarter by 87.27%, and 198.18% respectively, indicating a strong uptrend.
The SUI crypto is set for a colossal surge in price over the daily chart, as it gears up to crack the supply level and rocket to new heights from the current support level.
The asset is exhibiting bullish strength as it holds above major 20, and 50-day EMA’s. This shows the rising capacity of the crypto asset.
On top of that, the SUI crypto asset is displaying bullish behavior as MACD shows a bullish crossover. Where MACD is at 0.1339 signal lie is at 0.1333 and histogram is at 0.0006.
The RSI is not near the 70 level, meaning that the SUI asset is not facing much resistance and can extend its gains more. Meanwhile, the RSI curve is at 63 and the 14-SMA smoothened curve is at 63, where RSI has formed support dynamically on 14-SMA as well. These occurrences highlight bullishness in the crypto price.
The SUI crypto declined 0.89% in the last 24 hours, trading at $1.5595 at press time.
Therefore, if the demand for the crypto asset remains high, the crypto price could escalate its gains more from the current level. The next goal for the price is to reach $2.000 and in-between resistance would be $1.6527.
However, if the SUI crypto price fails to stay above the $1.3908 level, it could decline further and breach the dynamic support of major EMA’s and beyond that could even slip to the demand zone.
Summary
The SUI crypto has revealed a strong recovery as the price rallied from a demand zone level of around $0.4000 on the chart.
The price is attempting to sustain at the top to break through the supply level and open doors for new heights. Moreover, the asset’s past price structure highlights that the asset is showing more bullish signs and has the potential to advance further.
Therefore, if the demand for the crypto asset remains high, the crypto price could escalate its gains more from the current level. The next goal for the price is to reach $2.000 and in-between resistance would be $1.6527.
Technical Levels
Support Levels: $1.3908
Resistance Levels: $1.6527
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/06/sui-crypto-can-sui-crypto-continue-rising-or-will-it-fall-flat/