🔹$SUI increased by about 6% after Bitwise filed with the SEC to list the SUI spot ETF, following a similar move by Grayscale earlier.
🔸The US CPI index being lower than expected boosts expectations for the Fed to cut interest rates, combined with demand from retail investors and active trading in the derivatives market, increasing OI creates upward momentum for SUI.
🔹The price has bounced from the key support area of 1.30 USD; momentum indicators like RSI and MACD are showing weakening selling pressure and a shift towards a positive trend.
🔸SUI still faces strong resistance at the EMA ranges of 1.49 - 1.64 USD. If it loses the support level of 1.30 USD, the price risks falling deep into the psychological area of 1.00 USD.
🔹On a positive note, momentum indicators are sending clear signals of improvement. Selling pressure shows signs of weakening as RSI on the 4-hour chart rises to 46 after bouncing from the oversold area last weekend.
🔹However, the negative scenario still needs to be noted in case Sui loses the support area of 1.30 USD.
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