The cryptocurrency market has seen a notable recovery in recent hours, with the total market capitalization rising by more than 5.43% to reach $3.22 trillion. Data from the Fear and Greed Index shows that market sentiment is leaning towards greed, with the index stabilizing at a level of 70. In this context, the SUI coin jumped by 9.21% in 24 hours, raising questions about whether this marks the beginning of a major upward wave.
Strong recovery with clear buying dominance, the SUI coin began its day at a price low of $3.58, before experiencing a bullish reversal that drove the price towards $4.08. At the time of writing this report, the coin is trading at $3.93, with trading volume up by 77.47% to reach $3.08 billion. The liquidation volume over the last 24 hours was about $14.80 million, according to Coinglass data.
Supporting technical indicators for a continued rise indicate that the Moving Average Convergence Divergence (MACD) shows a positive crossover, as the MACD line crossed above the signal line, confirming buying momentum and opening the door for a potential upward correction.
The Chaikin Money Flow (CMF) indicator also showed a reading of 0.14, indicating a clear flow of money towards the coin and a strong buying pressure. This positive momentum is supported by an increase in trading volume, which enhances the likelihood of the upward trend continuing.
If the price manages to break the $4.00 level, we may witness the formation of a golden cross that drives the price towards $4.13. Further gains could reinforce the positive trajectory of the coin.
Critical support and resistance levels
Near support: $3.72 — If the price declines, this level will be the first critical test.
Strong support: $3.50 — If this level is broken, a deeper downtrend may begin.
Current resistance: $4.08, followed by $4.13.
The Bull Bear Power (BBP) indicator recorded 0.3311, confirming the dominance of buyers at this time. The Relative Strength Index (RSI) shows a reading of 65.42, which is in a zone between neutrality and overbought, leaving the door open for further increases with some caution.
Post of a 9% increase: Has the major upward wave for SUI coin started?
