$SUI has recently surged sharply, seemingly trying to recover some previous losses. Since hitting a historical high of $5.36 on January 6, it has dropped significantly over the past month, but has recently rebounded, increasing by 11% in three days, which is stronger than many other cryptocurrencies.
Now, everyone is watching SUI to see if it can break through recent hurdles, especially the 20-day and 50-day moving averages. If SUI can surpass these, it might rise to $4 to $4.5.
However, if it cannot break through, SUI may hover around $3 or drop further. If the overall market sentiment remains poor, it could fall to $2.8 to $2.5.
Looking at the technical indicators, the relative strength index is currently around 44, which is slightly bearish. But if the RSI can exceed 50, it indicates an increase in buying activity.
In the derivatives market, both trading volume and open interest are rising, indicating new capital is coming in. Although the buyers and sellers are evenly matched, the SUI/USDT pair on Binance appears more optimistic.
Despite some recent fluctuations, the increase in open interest suggests that significant movements may occur soon.
The trends of Bitcoin and the entire cryptocurrency market are still very important. Although SUI has opportunities in the long term, the next few days are crucial for short-term traders looking to profit from volatility.
As the market continues to change, we need to closely monitor market signals and seize new entry opportunities. Like and comment, and we will navigate the bull market together to seize this major opportunity!
