The Cryptocurrency That Outperforms: Sui, Opportunity To Seize? Technical Analysis Of September 12, 2024

After the recent cryptocurrency market downturn, Sui has shown an impressive rebound of over 140%. Let’s examine the possible scenarios for the evolution of the SUI price.

Sui Situation

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. At this price level, the crypto began a real expansion, gradually pushing Sui towards its all-time high (ATH) of $2.16, established at the end of March 2024. Unfortunately, reaching this level triggered strong selling pressure, exacerbated 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 favorable fundamental factors for the cryptocurrency.

At the time of writing, the Sui price is trading around $0.93. Although a slight slowdown in Sui can be observed, 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 appears to be occurring above Sui’s historical POC. As for the medium and long-term trend, it seems, to date, uncertain. These statements are reinforced by the fact that the crypto is positioned between its 50-day and 200-day moving averages, crossed downward. In terms of Sui’s momentum, a real rebound can be observed, illustrated both by the evolution of its price and its oscillators.

The current technical analysis was conducted in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Today he is a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and support around the financial markets in a professional and friendly atmosphere.

Focus on Sui derivatives (SUI/USDT)

Since Sui’s rebound, a positive correlation has been observed between the open interest of SUI/USDT perpetual contracts and its underlying. This interest seems to have been mainly bearish, as evidenced by the declining CVD. However, it appears that these sales have struggled to truly impact the Sui price. In terms of the funding rates of SUI/USDT contracts, they are mostly positive, which paradoxically suggests a pronounced buying interest from speculators. As for liquidations, recent observations indicate mainly the liquidation of short positions, suggesting a recent seller capitulation.

The heatmap of SUI/USDT contract liquidations over the past three months reveals that the identified liquidation zone between $0.83 and $0.75 has been reached. It seems that this has triggered buying interest, as evidenced by Sui’s recent upward reaction. Currently, notable liquidation zones are located on either side of the current price of the cryptocurrency. The nearest zone is between $0.98 and $1. Below Sui’s current price, there is a zone just below $0.70. An approach of the price to these levels could trigger a massive activation of orders, thus increasing the risk of heightened volatility for the crypto. These zones, therefore, represent a crucial point of interest for investors.

Forecasts for Sui price

• If the Sui price remains above $0.75, a bullish continuation up to the $1.10 level can be anticipated. The next resistance to consider, if the upward movement continues, could be around $1.40. Beyond that, one could aim for $1.70 or even $2.00. At this stage, this would represent an increase of more than 108%.

• If the Sui price fails to remain above $0.75, a return around $0.70 could be envisaged. The next support to watch, in case the downward movement continues, would be close to $0.60. Lower still, one would note support at $0.53 or even $0.46. This would then represent a decrease of about 52%.

Conclusion

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