Understanding SUI's Price Movement: Could a Breakout at $1.68 Lead to Further Gains?

SUI, a cryptocurrency that recently gained attention following Bitwise's filing for 11 ETFs, has seen its price increase by nearly 19% in just three days. As Bitcoin tests a significant resistance level, the question arises: will Sui continue on an upward trajectory?

Key Takeaways

SUI has experienced a recent price rally of approximately 19%.
A breakout above $1.68 could indicate a bullish trend.
Key Fibonacci levels to watch for potential upward movement are $2.95 and $3.40.
Traders are advised to consider buying on breakout signals.
The analysis does not constitute financial advice; it reflects the author's perspective.

Sui Regains Bullishness as Bitcoin Dominance Drops and Altcoins Catch a Bid

Analyzing SUI's Potential for Further Gains

Sui 1-week Chart Source: SUI/USDT on TradingView

Despite a bearish outlook on the 1-week chart, we are observing a price bounce. If SUI can close a weekly session above $1.79, it will suggest that bulls have gained some temporary control. Achieving this could drive SUI's price toward key Fibonacci retracement levels of $2.95 and $3.40. However, it's important to note that the current momentum and buying pressure are not necessarily signaling strong bullish momentum, even with recent gains.

Assessing Potential Reversal Points

Sui 1-day Chart Source: SUI/USDT on TradingView

Currently, SUI is trading above a significant range high of $1.68. Closing a daily session above this range could signify strong bullish conviction. However, if the price fails to break free from this range, it could hint at bearish strength and a possible rejection, although this scenario seems less likely at the moment.

Trader Recommendations: Buy on Breakout

The On-Balance Volume (OBV) indicator is showing signs of upward movement, and the Awesome Oscillator has already completed a bullish crossover, suggesting increased demand and momentum. As Bitcoin attempts to conquer the $90k resistance level, it is boosting overall market confidence. With this in mind, traders might consider purchasing on breakouts, aiming for higher targets such as $3.40.

Final Thoughts

Disclaimer: The content provided in this article is for informational purposes only and does not offer financial, investment, or trading advice. The opinions expressed are those of the author.