Sui (SUI) is making a robust technical case for a 100% worth rally within the coming weeks, helped additional by a slew of optimistic updates, such because the current Nasdaq ETF filing with the US Securities and Change Fee (SEC).
Gooner EMA help raises 40% SUI bounce potential
As of Could 28, SUI has reclaimed the “Gooner EMA” as help on the weekly chart.
Gooner EMA is a technical indicator created by dealer NebraskanGooner that makes use of the 11- and 22-period exponential shifting averages (EMA). When the worth crosses above the EMA vary, it typically results in additional positive aspects.
When the worth closes under the EMA vary, it tends to comply with deeper losses.
SUI misplaced this help, roughly between $3.34 and $3.59, final week after a $200 million exploit hit Cetus, a decentralized change constructed on the Sui blockchain.
Associated: Sui validators vote on $162M Cetus recovery plan to restore user funds
Now that SUI has reclaimed the zone, bullish sentiment is returning, in accordance with NebraskanGooner.
He wrote:
“So long as it may well maintain Gooner EMA help, it may well retest ATHs. Relying on market situations — it even has an opportunity for a brand new ATH.”
SUI’s present document excessive is round $5.36, roughly 40% above the present costs.
Fibonacci retracement ranges and SUI’s prevailing ascending channel setup challenge $7.56 as the brand new record-high goal, up over 100% from the present ranges.
Nasdaq recordsdata for SUI ETF
NebraskanGooner’s bullish outlook for SUI seems nearly per week after Nasdaq’s SUI ETF utility with the US Securities and Change Fee (SEC).
21Shares already presents a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its launch in July final 12 months, SUI’s worth has surged by over 350%.
These listings have additionally helped increase complete belongings beneath administration (AUM) in SUI-based ETPs to $317.2 million, according to a Could 26 report from CoinShares.
Between Could 16 and Could 24 alone, SUI merchandise attracted $2.9 million in inflows, rating simply behind Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP) by way of web belongings.
The regulatory approval for Nasdaq’s SUI ETF stays unsure, akin to most crypto ETF applications.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.
