Key Insights:
- SUI surged 25% after a timely TD Sequential buy signal.
- Sui prices down close to 1% over the last 24 hours.
- Sui technical analysis shows a cool-off after a strong up-trend.
Sui (SUI) is making waves. Per the recent Sui crypto news, the token gained a lot of upward movement this week. This was observed following a bullish signal from the TD Sequential indicator.
After the indicator flashed a ‘9’ buy signal on the weekly chart, the token rallied by nearly 25%. This is one of SUI’s strongest weekly performances in a few weeks.
TradingView data showed that the TD Sequential indicator was down to the ninth bar of its countdown on March 17. This indicates that SUI’s long downtrend may be coming to an end.
The signal was confirmed by the subsequent bullish weekly candle that opened at $2.29 and closed at $2.77. This was quite a big move, right below the vital 0.618 Fibonacci retracement level at $2.88. This is historically a fundamental resistance level.
We can draw Fibonacci retracement levels from the $5.36 high to the $1.98 low. A fresh weekly close above $2.88 would likely take SUI towards the 0.5 Fib level at $3.25.
This is because resistance and the prior peak were observed earlier this year. Sui Crypto News reported that the levels mentioned are being closely monitored.
This is due to their potential to act as inflection points. They could either extend the ongoing rally or signal its rejection, shaping future price movement.
Sui Crypto News Reports SUI Price Dip of Nearly 1% in Last 24 Hours
Although the weekly performance was quite bullish, short-term price action suggests the rally might be topping. Sui crypto news highlights that CoinMarketCap data showed that the token traded at $2.67. It was down around 0.96% over the past 24 hours.
After failing to sustain upward momentum at the key resistance zone, the price capped at $2.82 and retraced slightly. At press time, SUI’s market cap was $8.46 Billion. Moreover, its 24-hour trading volume was $1.43 Billion, up by over 30% from the day before.
The volumes have been higher during this uptick, which confirms increased interest in the recent breakout attempt. However, the pullback may suggest that some market players who want to take long-term profits are considering it.
From a technical standpoint, SUI hits a significant tipping point. The weekly chart reveals resistance at the 0.618 Fibonacci retracement level, priced at $2.88. This level, often called the ‘golden pocket,’ is significant in Fibonacci analysis.
This is a strong resistance point that either will complete a trend reversal or can become a support for a continuing breakout. If $2.88 does not break and hold the price, bullish momentum will likely have stalled.
The likelihood of retesting lower support levels increases under current conditions. The 0.786 Fibonacci level at $2.45 presents a probable target. If a move below here can be made, a drop to the swing low at $1.96 might occur.
On the bright side, Sui crypto news suggests the token may breach $2.88 with a hefty quantity. If this happens, the subsequent resistance levels to watch are $3.25 and $3. 65 and $4.23. This is according to the 0.5 and 0.382 retracement levels accordingly.
Short-term Charts Reveal Some Holding Bullish Pressure on Sui
The 4-hour charts show a less dramatic picture. The price of Bitcoin has been sliding from local highs following a strong uptrend.
The Ichimoku Cloud is still green, and the markets are technically bullish in the short term, as SUI remains above it. Yet, the Tenkan-sen (blue line) is flattening, and the price is below it. This may imply a rollback in bullish momentum.
The second critical short-term support level is Kijun-sen (red line), around $2.54. Failure to break above this level could result in additional downward pressure.
On the contrary, the price may hold above the Tenkan-sen and retest the top boundary of the cloud. If this happens, the subsequent rise may be resumed. The ADX (Average Directional Index) is at 39.52. The value means the market is in a strong trend.
While not a definitive trend signal, Sui crypto news suggests the momentum appears significant. Combined with other indicators, recent movements likely hold. So long as the ADX exceeds 25, these directional moves will continue with force.