Sui price skyrocketed on Monday, extending its hot streak and outperforming the rest of the top 100 crypto assets on both the daily and weekly charts. SUI traded at $1.05 at the time of writing, having gained 21 percent in the previous 24 hour preceding this writing. That brought the crypto asset’s weekly gains to 124 percent, underlining the strong bullishness around it. Significantly, a return above $1 mark renders a strong psychological boost for the coin, which could extend its upside.
The SUIUSD pair is propelled not only by the upbeat sentiment across the wider crypto market, but also the momentum created by the SUI token’s inclusion in the Grayscale SUI Trust last week. The inclusion is expected to bring in significant capital inflows that could propel SUI price higher. However, the return to $1 could be counterproductive for SUI if selling pressure sets in at that psychological level on account of a drag by the rest of the crypto market. Bitcoin’s slip below the $60k mark could be the potential trigger to the downside.
SUI price looks set to continue climbing, as shown by indicators on the 2-hour price chart. The price has broken above the upper Bollinger Band, signifying the strong upward momentum. Meanwhile, the middle band aligns with 0.917, which will likely serve as the near-term support mark. Furthermore, the upside view is reinforced by the strong RSI reading, which currently stands at 73.
The momentum on SUI will likely continue to the upside if the price stays above the 1.000 pivot. That could see the first resistance encountered at 1.046 mark. However, an extended control by the buyers at that mark will break above it and potentially go on to test 1.100 Alternatively, a move below 1.000 will signal control by the sellers. If that happens, the first support could come at 0.964. However, extended control could breach below that mark, which could invalidate the upside narrative and take SUI to test 0.925.
This post was last modified on Aug 12, 2024, 15:07 BST 15:07