Sui bounce threatening? Chart Hints on Large Rally

Sui bounce threatening? Chart Hints on Large Rally

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Tl; Dr.

  • Sui has strong support at $ 3.30 with a triangular pattern of signaling potential outbreak above $ 4.20.
  • Analysts view $ 3.17 pullback level before a possible increase to $ 5.40, $ 6.01 and $ 7.15 goals.
  • Despite bullish cards, the fall in the Futures -Interest and TVL tips carefully suggest market sentiment.

Price movements within Bullish pattern

Sui shows a well -known setup in the graphs. Tokings acts almost $ 3.47 and is above a rising support line that has been in force since April. On the 2-day graph, the price action has formed an increasing triangle. This type of arrangement often appears before a move higher.

Analyst Jonathan Carter shared that token finds strong support in the vicinity of $ 3.30, which is the lower edge of the triangle. He pointed out that this level has kept several times, which suggests that buyers are still active in this reach. The upper limit of the triangle is almost $ 4.20. This level has limited price movements since early summer.

As the Fracture Above $ 4.20, Carter noted three levels to view: $ 4.80, $ 5.37 and possibly higher. These levels are based on the size of the triangle and earlier price reactions.

The trade volume data indicate that it is more active in the vicinity of the current price. In addition to $ 4.20, it becomes a possibility that makes faster price movement possible in case the threshold is broken.

Remarkably, the average of 50 days is flat, which does not indicate a significant trend, and the RSI is around 45, which indicates a balance between buying and sales pressure.

Pullback can come before the outbreak

Another analyst, Ali Martinez, shared A daily graph with the help of Fibonacci tools. He expects a withdrawal to $ 3.17 for an outbreak. This level corresponds to the 0.618 retracement level and the rising trendline.

His graph sketches a path where Sui could bounce from $ 3.17 and go to $ 4.20, then strive for higher goals at $ 5.40, $ 6.01 and $ 7.15. These are from earlier price fluctuations using Fibonacci extensions.

Sentiment weakened despite the technical setup

Data shows that traders are becoming more careful. According to Coinglass, open interest in Sui -Futures fell from $ 2.66 billion at the end of July to $ 1.82 billion now. This indicates reduced trading activity.

The SUI network has also seen a decrease in activity. Defillama reported A 2% dip locked in the total value (TVL), which means that the figure is brought to $ 2.02 billion. These changes reflect the cooler sentiment about the ecosystem.

Source: Defillama

Moreover, Sui was recently stated About Robinhood, making it available to US traders. This was after a deleted blog post caused early speculation. Despite the offer, it fell. This step goes against the usual pattern where lists often lead to price gains.

The offer is part of Robinhood’s efforts to expand its crypto offer. Sui is the native token of the Mysten Labs Layer-1 Blockchain.

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