At press time, the 23.6% Fibonacci extension level at $4.494 served as a short-term support.
- The Ichimoku Cloud was intensely bullish on the daily timeframe. A price drop below $3.35, unlikely at press time, will shift the higher timeframe expectations bearishly.
Sui Network [SUI] has a strongly bullish long-term outlook. It has performed remarkably well since September, rallying nearly 500% in under four months. Bitcoin’s [BTC] 4.8% price dip in the past 24 hours pulled Sui prices down by 8.6%.
The slight dip in buying volume in recent days gave a clue that Sui bulls could be biding their time before they’re ready to drive the next impulse move higher.
Sui projected to grow beyond the $5 mark
Source: SUI/USDT on TradingView
Sui’s price action has been strongly bullish on the daily timeframe, forming higher highs and higher lows 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.
The Ichimoku Cloud remains bullish, highlighting strong support at $3.2 and the $4.1 region. The cloud is thick, showing strong upward momentum over the past month.
At press time, the 23.6% extension level serves as short-term support. While volatility is possible, the next target is more likely to be $5.38 than $3.5 or below.
Short-term range for SUI
Source: Coinglass
The Fibonacci extension level at $4.5 served as resistance earlier this month and has been flipped to a demand zone. The 2-week look back period showed a cluster of liquidation levels around $4.3, and another liquidity pocket at $5.
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The price has also ranged between these two levels over the past week, explaining the liquidity build-up. The Bitcoin price dip and the consolidation phase for SUI meant that this range formation could continue for a few more days.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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