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Sui (SUI) Price: Technical Breakout Sets $3.89 Target Following 11.3% Daily Gain
In a stunning turn of events, the price of Sui (SUI) has broken out of an inverse head-and-shoulders pattern, sending shockwaves throughout the cryptocurrency market. The sudden surge in value has led to a whopping 11.3% daily gain, pushing the token’s price up to $3.41.
The breakout, which occurred on Thursday, comes after Sui’s developers released a report highlighting the platform’s competitive advantages over other blockchains. The publication of this report appears to have had a significant impact on investor sentiment, as the token’s value surged in response.
According to charts, the cryptocurrency has blown through multiple exponential moving averages, including the 20-day EMA at $2.98, the 50-day SMA at $3.08, the 100-EMA at $3.09, and the 200-EMA at $3.27. All of these moving averages now serve as support levels for SUI.
The Stochastic RSI has moved into overbought territory with values above 90, indicating a strong buyer presence in the market. The MACD shows a confirmed bullish crossover, while the regular RSI is currently sitting at 64, signaling rising demand from investors.
As a result of this sudden price movement, SUI could potentially climb to $3.55 if buyers maintain support at the 50-day SMA. However, the more substantial resistance level lies at $3.89, representing a major obstacle for bulls to overcome in order to continue their upward trajectory.
DeFi activity on the Sui platform has reached new heights, with transaction volumes exceeding $281 million within a 24-hour period. The total value locked (TVL) on the network has surpassed $2.6 billion, further solidifying the token’s position in the market.
Source: blockonomi.com
