Sui’s latest Alcista trend has allowed him to reverse some of his recent profits that the next ATHCoin ATH will depend on some key factors that return it.
After reaching its historical maximum (ATH) of $ 5.36 on January 6, Sui threw more than 30% of its value during the past month. However, his last rebound above the 200 -day exponential average (EMA) triggered a 11% leap in the last three days, surpassing many crypts during the descending trend of the broader market.
With a short -term rupture of their descending channel, merchants are now eager to see if Sui can overcome their short -term barriers or not.
Bulls Eye The Resistance 20/50 EMA
Source: TrainingView, Sui/USDT
The SUI DEL ATH drop of $ 5.36 found support near the $ 3 zone (around the 200 -day EMA). This damping the bearish trend and paved the way for an increase of 11% in recent days.
Now, the EMA of 20 days and 50 days (near the range of $ 3.57– $ 3.88) are brought on the path of a stronger upward resurgence. A daily closure above 20/50 EMA around the $ 4 brand could indicate a stronger recovery attempt towards the region of $ 4.05– $ 4.50.
If buyers do not exceed EMA, merchants can expect a sustained consolidation or a slight setback near the 200 -day EMA to $ 3. especially if the broader market feeling remains unstable. If the broader market feeling worsens, a drop towards the $ 2.80– $ 2.50 support region cannot be ruled out.
Meanwhile, the Relative Force Index (RSI) within the daily period was around 44, hinting at a slight bearish edge. A decisive movement above the level of 50 in the RSI would confirm the increase in purchase pressure.
Derivative data show this
Source: Hyblockcapital
The volume increased around 9.37% to $ 2.56 billion to indicate the renewed interest of the operators. The open interest rose around 6.8%, showing how Fresh Capital entered the SUI futures market.
At the time of writing, the general ratio of 24 hours long/short was about 1 and was divided almost equally. However, Binance’s sui/USDT ratio was more optimistic with 2.07.
Interestingly, in “rekt” statistics of 1 hour and 12 hours, long liquidations exceeded shorts. Longer settlements indicate that merchants who anticipated an increase in the price of SUI were surprised by a price decrease.
However, despite this short -term turbulence, the increase in open interest revealed the potential for larger advances while buyers and sellers positioned themselves.
As always, closely monitoring the impulse of Bitcoin and the general signals of the cryptography market can help merchants evaluate SUI’s short -term trajectory. While Sui’s foundations still paint a positive long -term history, the next few days are crucial for short -term merchants seeking to capitalize volatility.
Discharge of responsibility: the information presented does not constitute financial, investment, trade or other types of advice and is only the writer’s opinion
(Tagstotranslate) Ambcrypto