As Bitcoin price fluctuates above $43,000, SUI price’s stunning recovery tests $1.6 as traders increase exposure to the token.
Published 4 hours ago
Cryptocurrencies recorded a slight rally this week. Bitcoin (BTC) and Solana (SOL) It has made significant progress compared to other majors such as Ethereum (XRP) and XRP. Although relatively recent, his SUI price has increased by 5.5% to $1.6, and he has already emerged as one notable gainer.
The increased trading volume to $480 million and market cap maintained at $1.8 billion confirms the growing interest in the token among traders. In addition to daily gains, SUI’s value has increased by 26% in the past seven days, 27% in two weeks, and a staggering 100% in one month.
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Can SUI price surpass Bitcoin in 2024?
The SUI price is testing resistance at $1.6, as shown by the yellow band on the daily chart below. The bounce from the support around $1 backed by the 20-day exponential moving average (blue) led traders to significantly increase their exposure to long positions in the token.
This bullish outlook during a period characterized by negative and uncertain market trends has made SUI even more attractive to investors who believe in continued price discovery.
Insights from the Relative Strength Index (RSI) support the bullish theory as the indicator rises towards overbought territory.
Traders will focus on a breakout of the $1.6 resistance level in the next session. If this retest of the huddle is successful, further panic buying could occur and SUI price could soar to $2. The recent bullish moving average crossover indicates that the uptrend is likely to hold.
If the seller congestion mentioned above refuses to change, the token could settle above the first significant support at $1.4 and consolidate. If the same level weakens and SUI breaks out, the loss could go back to $1, with a potential rebound at the 20-day and 200-day EMAs.
Meanwhile, Bitcoin price holds support at $43,000 while swinging towards resistance at $44,000. The highlighted support at the 20-day EMA continues to support a positive technical outlook.
However, until BTC consistently crosses the $44,000 hurdle, the bear market could continue and the price could possibly return to $40,000.
If the breakout above $48,000 is rejected, traders could start getting used to trading sideways with $40,000 as support for the time being.
On the other hand, dips have proven to be very profitable.Why investors may want to adopt dollar-cost averaging (DCA) strategies earlier than beforecut in half and this year’s post-halving gathering.
The published content may include the personal opinions of the author and may be subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.