Will SUI Crypto Rebound From the 20-Day EMA Zone?

After recording a massive triple-digit surge of over 110% in the last three months, SUI crypto made a local top around $2.18. Since this month's beginning, buyers seem uninterested in accumulating more and have booked their profits off the table.

SUI crypto witnessed a minor retracement from the top after a massive bullish rally. The bears defended the crucial supply region around $2 and pushed the bulls back.

However, the bull army lost momentum this week, and the SUI price action halted its progression, resulting in a notable decline. But, the SUI crypto retested the 20-day EMA support zone and was looking to recover the losses.

After recording a massive triple-digit surge of over 110% in the last three months, SUI crypto made a local top around $2.18. Since this month’s beginning, the buyers seemed uninterested in accumulating more and were booking their profits off the table.

At press time, the SUI price was trading at $1.90, with an intraday decline of over 4.30%. This depicted minor profit booking from the highs. With a market cap of $5.26 Billion, SUI crypto was positioned as the 20th largest crypto among the top cryptos.

Crypto Analyst @CryptoBullet, in his tweet, highlighted that SUI crypto has made a cup and handle pattern, which is considered bullish. Moreover, this is the 4th attempt to break the $2 wall.

Typically, when a crucial level is retested multiple times, the chances of breakout increase. Considering this, the $2 mark breakout is likely, and the SUI token may see further upside in the near sessions.

I know it might be tempting to sell $SUI here but it’s the wrong timing imo

What we currently have is the 4th test of the $2 level![ The more times a level is tested, the more likely it is to break ]

This Cup & Handle looks very bullish to me ?

Oh, and by the way:-… pic.twitter.com/Oz0wCTmXEB

SUI crypto’s Total Value Locked (TVL) data depicted massive network growth and investor confidence in the network. For the past few months, the TVL has been on the rise, and it was at $1.02 Billion at press time.

The ongoing price action showcased a series of higher highs and higher lows. Also, a rising channel pattern was observed. An aggressive selloff may only be seen once the ascending trendline level of $1.60 is breached.

What Do On-Chain Metrics And Indicators Suggest?

The Relative Strength Index (RSI) curve displayed a negative divergence. The value slipped below the midline region, near 43 at press time, indicating a minor retracement from the top.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator histogram turned red and showed a bearish crossover.

Similarly, the Chaikin Money Flow (CMF) readings depicted a neutral outlook, -0.02 at press time. This indicated that liquidity was exiting the market.

A glance at the Futures Open Interest (OI) data showed that the bulls were looking to book their gains. The Open Interest dropped by over 9.80% to $515.63 Million. Usually, when OI decreases along with the price, it signals a long unwinding move.

The immediate support zone was $1.75 and $1.60. Meanwhile, the resistance levels were around $1.90 and the $2 mark.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.