Sui is emerging from a consolidation period characterized by a descending wedge. The price action indicates a possible bullish breakout, as SUI is slowly coming out of this wedge.
The daily chart shows a constant downward trend in recent months, and price levels fluctuate within the limits of the wedge. However, signs of an upward trend are beginning to appear as the price seems to be reversing its trend.
The potential of Sui remains impressive, as SUI is currently in a wedge channel, indicating that the price could rise in the future. The upcoming weeks of consolidation could provide a platform for a strong rebound.
Additionally, Sui made a significant impact by being included in the Bitwise Spot ETF, which represents a significant milestone. This action paves the way for greater institutional participation, as well as confidence in the growth of the network.
The price of Sui is around $1.63, which represents a slight increase of +2%. The cryptocurrency experienced a slight rally after a period of consolidation. The MACD (Moving Average Convergence Divergence) indicates a small bearish divergence where the MACD line is slightly below the signal line.
This could indicate a declining bullish trend. The Chaikin Money Flow (CMF) is currently at +0.04, indicating considerable bullish pressure in the short term.
As the token attempts to stabilize above the support of $1.6, the long-term outlook for Sui remains bullish. Traders should closely monitor the levels of $1.8 and $2.
A breakout above these resistance zones could lead to a stronger rally, while not maintaining above $1.60 could lead to a pullback.
