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Sui Gains 500% in Four Months: Traders Must Be Cautious of This Key Resistance
The cryptocurrency market has been witnessing significant volatility lately, with various assets experiencing substantial price swings. The latest update is that Sui Network (SUI) has recorded an astonishing 500% growth in just four months. This meteoric rise has naturally piqued the interest of traders and investors alike.
At the time of writing, SUI’s price action has been strongly bullish on the daily timeframe, with higher highs and higher lows forming since late October. The uptrend began in September when local resistance at $0.9-$1 was broken and retested as support. Over the past month, the average trading volume has trended slightly downward, indicating weakened buying pressure.
This is evident on the A/D indicator, which has slowed down, especially over the past week. Nevertheless, the Ichimoku Cloud remains bullish, highlighting strong support at $3.2 and the $4.1 region. The cloud is thick, showcasing strong upward momentum over the past month.
Currently, the 23.6% Fibonacci extension level serves as short-term support. While volatility is possible, the next target appears more likely to be $5.38 than $3.5 or below.
The market has been observing a significant liquidity build-up in the region between $4.3 and $5, with liquidation levels around $4.3 and another liquidity pocket at $5. This price action is being driven by a cluster of buying interest near these levels.
It’s essential for traders to keep an eye on this resistance level as it might pose a challenge to SUI’s upward momentum.
Source: ambcrypto.com
