koinmilyoner
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Bullish
SUI bulls target $6.5 all-time high
Friday, Sui's price rebounds over 6% after falling over 10% this week.
SUI's long-to-short ratio and open interest are growing, indicating a rise.
A daily candlestick closing below $4.45 would disprove bullishness.
On Friday, Sui (SUI) trades at $5.06 after recovering most of its weekly losses. SUI's long-to-short ratio and open interest are growing, indicating a rise. Technical analysis predicts a rise to $6.35, a new ATH.
Sui price hit an all-time high of $5.36 on Monday and sank to support at $4.45 on Wednesday and Thursday, the 61.8% Fibonacci retracement from its November 26 low of $2.96 to its all-time high. It's trading higher and around its ATH on Friday.
SUI might reach the 141.40% Fibonacci extension level of $6.35, a new record high, if it continues to rise.
The daily chart's Relative Strength Index (RSI) is 60, above its neutral level of 50, suggesting bullish momentum. A bullish crossing in the Moving Average Convergence Divergence (MACD) indicator suggests a purchase signal and an upward continuation.
Open Interest (OI) for Sui increases bullishness. Coinglass data reveals that SUI futures OI grew from $1.20 million on Wednesday to $1.32 billion on Friday since early January. An growing OI indicates fresh money entering the market and purchasing, suggesting a Sui price surge.
SUI long-to-short ratio, 1.13, is Coinglass's highest in over a month, another optimistic indication. This ratio over one indicates optimistic market sentiment as more traders bet on the Sui price rising.
If Sui's daily candlestick finishes below $4.45, the bullish premise is discredited, and the price falls to $3.94, its next daily support.
#SUI🔥 #sui #ShareYourTrade $SUI
Friday, Sui's price rebounds over 6% after falling over 10% this week.
SUI's long-to-short ratio and open interest are growing, indicating a rise.
A daily candlestick closing below $4.45 would disprove bullishness.
On Friday, Sui (SUI) trades at $5.06 after recovering most of its weekly losses. SUI's long-to-short ratio and open interest are growing, indicating a rise. Technical analysis predicts a rise to $6.35, a new ATH.
Sui price hit an all-time high of $5.36 on Monday and sank to support at $4.45 on Wednesday and Thursday, the 61.8% Fibonacci retracement from its November 26 low of $2.96 to its all-time high. It's trading higher and around its ATH on Friday.
SUI might reach the 141.40% Fibonacci extension level of $6.35, a new record high, if it continues to rise.
The daily chart's Relative Strength Index (RSI) is 60, above its neutral level of 50, suggesting bullish momentum. A bullish crossing in the Moving Average Convergence Divergence (MACD) indicator suggests a purchase signal and an upward continuation.
Open Interest (OI) for Sui increases bullishness. Coinglass data reveals that SUI futures OI grew from $1.20 million on Wednesday to $1.32 billion on Friday since early January. An growing OI indicates fresh money entering the market and purchasing, suggesting a Sui price surge.
SUI long-to-short ratio, 1.13, is Coinglass's highest in over a month, another optimistic indication. This ratio over one indicates optimistic market sentiment as more traders bet on the Sui price rising.
If Sui's daily candlestick finishes below $4.45, the bullish premise is discredited, and the price falls to $3.94, its next daily support.
#SUI🔥 #sui #ShareYourTrade $SUI
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