The Crypto That Outperforms: Sui, Opportunity to Seize? Technical Analysis of September 12, 2024

After the recent crypto market dip, Sui is showing an impressive rebound of over 140%. Let’s take a look at the possible scenarios for the SUI price action.

Situation of Sui

After being listed on various exchanges, the Sui cryptocurrency unfortunately failed to appreciate. Indeed, it quickly fell below the $1 mark. Five months later, Sui reached its all-time low (ATL) at $0.36. It was at this price level that the crypto began a real expansion, gradually propelling Sui towards its all-time high (ATH) at $2.16, established at the end of March 2024. Unfortunately, reaching this level triggered strong selling pressure, accentuated by the overall decline in the cryptocurrency market. Sui then fell back to $0.46 before rebounding by 140%, reaching its identified value zone at $1.10 in less than seven days. It is important to note that this rebound occurred at a key value zone and was fueled by fundamental factors favorable to the cryptocurrency.

At the time of writing, Sui is trading around $0.93. While we can see a slight slowdown in Sui, it is worth noting that the short-term structure of the cryptocurrency currently seems to be undergoing a bullish reversal. It is also important to note that this event seems to be occurring above Sui’s historical POC. As for the medium to long-term trend, it seems uncertain at this point. This is reinforced by the fact that the crypto is between its 50-day and 200-day moving averages, crossed downward. On the momentum side of Sui, we can see a real rebound, illustrated both by its price action and its oscillators.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Now a trainer at Family Tradinga community of thousands of self-employed traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and friendly atmosphere.

Focus on Sui derivatives (SUI/USDT)

Since Sui's rebound, we have observed a positive correlation between the open interest of SUI/USDT perpetual contracts and its underlying. This interest seems to have been mainly selling, as evidenced by the decreasing CVD. However, it appears that these sales have had difficulty in truly impacting Sui's price. On the funding rates side of SUI/USDT contracts, we note that they are mostly positive, which paradoxically suggests a strong buying interest from speculators. As for liquidations, recent observations mainly indicate liquidations of short positions, suggesting a recent selling capitulation.

The heatmap of SUI/USDT liquidations over the past three months reveals that the liquidation zone identified between $0.83 and $0.75 has been reached. It appears that this has triggered buying interest, as evidenced by Sui’s recent bullish reaction. Currently, notable liquidation zones are located on either side of the cryptocurrency’s current price. The closest zone is between $0.98 and $1. Below Sui’s current price is an area just below $0.70. As the price approaches these levels, it could trigger a massive trigger of orders, increasing the risk of increased volatility for the crypto. These zones therefore represent a crucial point of interest for investors.

Sui price forecast

• If Sui price holds above $0.75, we could anticipate a bullish continuation up to the $1.10 level. The next resistance to consider, if the bullish movement continues, could be around $1.40. Beyond that, we could target $1.70 or even $2.00. At that point, this would represent an increase of over 108%.

• If Sui fails to hold above $0.75, a return to around $0.70 could be in sight. The next support to watch for, should the bearish movement continue, would be around $0.60. Further down, we would note the support at $0.53, or even $0.46. This would then represent a decline of around 52%.

Conclusion

After a difficult start and high volatility, Sui is showing signs of recovery in the short term, although its longer-term future remains uncertain. The recent rebound, supported by positive fundamentals, suggests upside potential, however caution is advised given market conditions. Thus, it will be essential to closely monitor the price reaction to key levels to validate or revise current forecasts. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also move quickly depending on other more fundamental factors.