SUI Crypto Struggles at $1, Bullish Trends Emerge Amid Challenges
The Essentials in Brief
The cryptocurrency SUI is at a critical point: After an impressive rally, it is facing resistance as the bulls attempt to break the 1 dollar mark. However, with increasing long liquidations and reaching a historical resistance zone, uncertainty is growing. Will SUI be able to overcome this resistance, or is a correction imminent? We analyze the current situation and provide an assessment.
Market Reaction to Grayscale Announcement
Just about a week ago, Grayscale announced the launch of a new Sui [SUI] fund, leading to positive market feedback and a rise in the SUI price. Since then, SUI has staged an impressive rally of over 100%. This development has led to an increase in leveraged long positions, which could be disadvantageous in the short term. Recent findings show an increase in long liquidations worth up to 19.52 million dollars.
Resistance and Liquidations
SUI is currently struggling with resistance between 0.95 and 0.96 dollars. This situation, combined with the long liquidations, suggests that a breakthrough above 1 dollar will not be easy. It also signals the possibility of profit-taking, as the cryptocurrency is now in a historical resistance zone.
Bulls’ Opportunities
Despite the newly discovered resistance, the bulls may still have a chance to succeed. The RSI still shows room before entering the overbought zone. If the bulls can build enough momentum, the next expected resistance zone will be around 1.17 dollars.
Indicators and Market Sentiment
The impact of the liquidations did not show any significant selling exposure at the time of observation. This is consistent with key metrics such as the Whale versus Retail Delta (WRD), which remained above zero over the last 5 days. The WRD reached 15 points in the last 24 hours, suggesting that whales currently have a stronger long exposure. This could explain why the price has shown resistance to the downtrend over the last 3 days. Another important observation point supporting the possibility of a further uptrend is the uptrend in the Accumulation/Distribution indicator.
Our Assessment
Based on current findings, SUI has a high probability of rising above the 1-dollar mark in the short term. The impressive performance reflects the excitement around the Grayscale announcement. However, an impending profit-taking and a correction could be in play if the overall crypto sentiment remains weak. If sentiment improves, however, the bulls could extend their dominance.
Sources
– AMBCrypto
– TradingView
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