Will Sui Break $4 or Will It Fall Back To $2.3?
Post Will Sui break above $4 or fall back to $2.3? first appeared in Coinpedia FinTech News
Sui has been attracting investor interest. As Bitcoin hits new all-time highs, so does sui. Since the U.S. election, Sui’s stock price has soared 118% to a record high. To understand what happened to this altcoin and what’s next, let’s explore the charts.
Sui’s ATH Journey
Since August, Sui has given followers a 760% return. It is one of the altcoins with the highest returns this year. It has been trading between $1.84 and $2.37 for about a month. Like Bitcoin and other alternatives, Sui surged during the U.S. election. A few hours ago, it hit an all-time high of $4.04. Since then, however, it has been cold and almost silent. The 4-hour RSI is at 65.67 and is rising. The same goes for the average directional index. It has risen to 25.32. Both indicators hint at further gains.
Warning indicators
However, if we examine the daily trading volumes, we see that this is not the case. This is a decrease of 13.27% compared to the past 24 hours. Despite this, prices increased by 2.39%. As of this writing, Sui is trading at $3.84. The ADX on the daily chart is at 22.11, reflecting declining purchasing power. This indicates that the price direction has turned downward.
Another important thing to check here is the net flow of transactions. Data from Coinglass shows that Sui is witnessing inflows into exchanges. This usually happens when people take their coins to an exchange to sell them. It increases market supply, affecting its price. At the time of writing, inflows worth $16.95 have been recorded.
What to expect?
Sui is one of the best altcoins offering huge returns to investors this year. However, selling pressure appears to be increasing after Bitcoin peaked. Prices may correct as people take profits. The nearest support is at $3.19, followed by weak support at $2.9. If these two fail on a price decline, support at $2.3 should be enough to sustain the price. However, if Bitcoin shakes up the market As more buyers come in, we may see Sui break its ATH and create a new one.
