Journalist
Posted:
- SUI has been in a sideways sideway construction for the previous ten days.
- The altcoin hit a brief-time period provide zone close to $4.
Because the liquidation cascade on the third of February, Sui [SUI] has fluctuated between $3 and $4. This has allowed merchants to bag over 20% positive aspects in both path, whether or not shorting or going lengthy on the vary of highs or lows.
As Bitcoin [BTC] stays in a uneven zone, will SUI’s sideway construction lengthen, or can it prime the $4 degree?
SUI hits a brief-time period provide zone
Supply: SUI/USDT, TradingView
On the each day chart, the current SUI recovery hit the quick-time period provide zone (crimson), just under $4. This provide zone aligned with key transferring averages, reinforcing it as a probable revenue-taking space for swing merchants.
Given the each day RSI was under common, SUI may retrace from the $3.5-$4 space to $3 once more, particularly if BTC stays uneven between $94K-$100K.
Nevertheless, the decrease timeframe painted a distinct image. The 4-hour chart confirmed bullish price motion above key transferring averages for the primary time since late January.
Supply: SUI/USDT, TradingView
Whereas this urged potential uptrend momentum within the decrease timeframe, the extended recovery could possibly be capped at $4 or $4.28 if BTC fails to surge past $100K.
Will SUI blast $4?
Supply: Coinglass
Market makers sometimes hunt for liquidity and affect price motion. The same state of affairs was evident with SUI, as seen by the price motion tapping yellow ranges (excessive liquidation zones).
On the two-week chart, the important thing liquidation zones have been at $2.8, $3.4, $4, and $4.3. Since $3.4 and $4 are the closest swimming pools inside the present price motion, they could possibly be hit first. In that case, SUI may prime $4, however the extended recovery may rely upon BTC’s uptrend.
Alternatively, the assist space under $3 could possibly be retested if one other bearish transfer hits the market.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
