Sui bulls have been showing strength in defending the $3.2 support zone, indicating a potential retest in the future. The liquidation heatmap has also highlighted two short-term support zones that could be visited before SUI makes a push for a new all-time high.
Since the beginning of August, Sui [SUI] has been on an upward trend in the 1-day timeframe, with minimal pullbacks along the way. Although the bullish momentum is expected to continue, there may be short-term price volatility to navigate.
SUI is currently consolidating below its all-time high, with the daily chart still showing a bullish market structure. Recent higher lows at $2.82 and $2.97 suggest that a close below $2.97 could indicate a shift towards bearishness. The Relative Strength Index (RSI) has remained above 50, signaling a bullish trend, despite trading within a range for the past 10 days.
The On-Balance Volume (OBV) has been on an uptrend, indicating high buying volume, while the Money Flow Index (MFI) has shown a slight decrease during the consolidation phase. However, as long as SUI remains above $3.52, more gains could be on the horizon.
Spot Cumulative Volume Delta (CVD) has not shown a significant uptrend, indicating weak demand in the spot markets. This aligns with the MFI’s findings of a lack of buying pressure, suggesting that a breakout from the current range may take some time.
The recent price surge on December 3rd was accompanied by a rise in Open Interest (OI), followed by a $45 million decrease in the past 20 hours, suggesting profit-taking by bullish speculators. The liquidation heatmap shows clusters of liquidity at $4 and $3.17, indicating potential price movements in the near future.
Traders should be prepared for a possible price dip towards $3.5 and $3.2 in the coming days before a potential move higher. It is important to note that the information provided is not financial advice and reflects the writer’s opinion.
In conclusion, SUI’s price action continues to show bullish potential, with key support and resistance levels to watch out for in the near term. Stay tuned for further updates on Sui’s price prediction for 2024-25. The Impact of Climate Change on Global Health
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