Market Rally Alert: Sui Network’s Staggering 500% Gain in Four Months Triggers Warning for Traders
news
1 min read
Sui Gains 500% in Four Months: Traders Watch Out for THIS Key Resistance
The cryptocurrency market has witnessed a remarkable run of the Sui Network (SUI) as it surges by an astonishing 500% in just four months. This surge is nothing short of phenomenal, and traders are now keeping a close eye on a crucial resistance level that may impact the asset’s future trajectory.
As we speak, the price action has been exhibiting strongly bullish characteristics on the daily timeframe, with higher highs and lows forming since late October. The uptrend began in September when local resistance at $0.9-$1 was breached and retested as support. This newfound momentum has seen Sui Network rally nearly 500% in a mere four months.
However, traders should be cautious of a key resistance level that is currently at around $4.494. While this level may serve as short-term support at the moment, it’s essential to note that a price drop below $3.35 would likely shift higher timeframe expectations bearishly.
The Ichimoku Cloud has been intensely bullish on the daily timeframe, indicating strong upward momentum over the past month. This trend is expected to continue, with the 23.6% extension level serving as short-term support at the current price of $4.494.
In addition to this, traders should take note that the Fibonacci extension level at $5.38 remains a more probable target than the $3.5 or below region.
Source: ambcrypto.com
