Published 2 hours ago
SUI Price Analysis: Earlier today, the SUI price showed a breakdown below the local support of $1.17, offering sellers significant resistance to pressurize buyers. However, the US Bureau of Labor Statistics recently released the annual U.S. Consumer Price Index (CPI) inflation for April at 4.9% which is lower than the market expectation of 5% causing an uptick in the crypto market. Thus, the SUI price received a significant inflow and reclaimed the $1.17 chart level as support, creating a fake breakdown scenario in the market.
Key Points:
- The hourly chart shows a new higher low formation in SUI price indicating an early sign of trend change as per Dow Theory.
- A breakout from the $1.17 resistance intensifies the underlying buying pressure for an 8% rise.
- The intraday trading volume in the SUI coin is $626.6 Million, indicating a 37% gain
Source- Tradingview
In the hourly time frame chart, the SUI price shows a massive breakout from the $1.17 resistance with a significant surge in trading volume. This bullish breakout clearly undermines the breakdown mentioned above and indicates the buyers are currently moving the market.
Moreover, the aggressive short-sellers who entered at $1.17 must have gotten trapped with the recent price surge and their stop loss would bring more buying orders in the market. Thus, if the coin price shows sustainability above the $1.17 barrier and interested traders can look for a long-entry opportunity.
Also Read: Best Cryptos Private Sale For 2023
If the bullish momentum persists, the SUI price may witness a sharp 8% rise to challenge the next significant resistance of $1.27.
Technical Indicator
Relative Strength Index: The RSI slope back above the midline reflects a sustained buying pressure in the market.
Exponential Moving Average: With the price jump, the SUI price reclaimed the 20 and 50 EMAs, offering an additional confirmation for buyers.
SUI Coin Price Intraday Levels
- Spot price: $1.2
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1.27 and $1.38
- Support level- $1.17 and $1.1
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/sui-price-analysis-bear-trap-plots-a-quick-8-jump-in-sui-price-enter-today/