SUI price surged over 5% to $0.935 during the Sunday trading session. Along with the general market uptick, the bullish momentum in SUI price can be attributed to the recent launch of stablecoin AUSD and TVL growth. Will buyers invalidate the September market correction for a bullish breakout from $1?
SUI Price Rebounds as AUSD Stablecoin Launches
The layer one blockchain Sui has officially launched its native stablecoin, AUSD, which is designed to enhance DeFi operations on the platform. Built through the collaboration of Nonstop Finance, the AUSD stablecoin offers users a more secure and decentralized asset for DeFi transactions, borrowing, and lending.
This launch marks a significant milestone for Sui’s expanding ecosystem as it strengthens its position in the decentralized finance space. Introducing AUSD is expected to bring greater liquidity and financial stability to projects built on the Sui network.
Amid the development, the SUI price regained $0.8 support and witnessed a notable spike in Total value locked. According to DefiLlama, the SUI TVL surged to $641 Million, signaling an increase in capital inflow and investors’ confidence in this project.
SUI Price Set for Major Breakout from Inverted H&S Pattern
In the daily chart, the SUI price action reveals an underlying shift in bullish momentum, revealing a trend-reversal pattern. With an overhead-resistance trend line, the SUI price action shows an inverted head-and-shoulder pattern while taking constant rejections from the 200-day EMA.
Amid the market uncertainty, the SUI token shows a solid bullish foundation at $0.5728. This sudden increase of bullish momentum resulted in a V-shaped reversal and a bullish continuation above $0.80.
Currently, the SUI price action reveals three bullish candles accounting for a price jump of 20% and is currently trading at $0.9264. With an intraday gain of 5%, altcoin is challenging the declining 200-day EMA as it surpasses the 50-day EMA.
A potential breakout with daily candle closing will accelerate the bullish momentum to drive a rally past $1 and target $1.43, followed by $1.72.
The daily RSI line reveals a positive trend sustaining above the halfway line as it approaches the 60% mark.
Based on the price action levels, the crucial resistance levels are present at $0.9656 and $0.8728, followed by the $1.001 psychological mark near the overhead-resistant trend line and $1.43. On the bottom side, the $0.80 and $0.5728 are crucial support levels.
Frequently Asked Questions (FAQs)
The AUSD stablecoin, launched in collaboration with Nonstop Finance, enhances DeFi operations on the Sui platform
The recent surge in SUI price, which climbed over 5% to $0.935, can be attributed to the launch of the aUSD stablecoin and a significant increase in Total Value Locked (TVL)
The SUI price action reveals an inverted head-and-shoulders pattern, indicating a potential breakout.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: 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-target-1-ausd-stablecoin-network/
✓ Share: