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Cryptocurrency News Articles
Sui (SUI) Pulls Back After Posting Strong Gains in Late April
May 05, 2025 at 04:01 pm
The cryptocurrency has shed 8.8% of its value since Friday, May 2, following a period of impressive upward momentum.
Sui (SUI) has experienced a setback after scoring strong gains in late April. The cryptocurrency has declined by 8.8% since Friday, May 2, rolling over from a recent rally that saw it post impressive upward momentum.
The altcoin had been recovering and reclaiming a bullish market structure on daily charts after notching a previous lower high of $2.78 on April 23.
This recent rally coincided with Bitcoin's swift recovery from $85,000 to $93,000. However, as Bitcoin faced rejection at the $97,000 level and began rolling over, SUI followed suit.
Despite this recent price decline, technical indicators suggest that SUI maintains an overall bullish market structure.
The Chaikin Money Flow (CMF) rose above +0.05, indicating substantial capital flows into the market. The Money Flow Index (MFI) reflected bullish momentum without forming a bearish divergence on the daily timeframe.
Short-Term Price Targets
Analysis of the 3-month liquidation heatmap reveals that $3.14 and $3 levels represent immediate liquidity pockets that the price may gravitate towards.
Below these levels, both $2.8 and $2.3 appear to be magnetic zones, though these might not attract the price as strongly.
This technical evidence suggests a price move to around $3 could occur in the coming days. This potential dip might present a buying opportunity for traders.
Should a bullish reversal occur, the $3.9 level represents a liquidation cluster that bulls might target next.
This recent 10% price drop over just three days had some raising concerns, but many market watchers view this as a healthy correction rather than the beginning of a longer downtrend.
Technical Signals Point to Recovery
SUI's failure to break through the $3.59 resistance level contributed to the recent downturn. This price point has proven difficult to surmount, leading to a pause in the rally.
The pullback aligns with a dip in the Relative Strength Index (RSI), which had entered overbought territory during the rally. This cooling-off period became almost inevitable as traders took profits and the price adjusted accordingly.
A key signal that traders are watching closely is the potential formation of a golden cross, a pattern that often signals the beginning of a bullish trend. This occurs when the 50-day exponential moving average (EMA) crosses above the 200-day EMA.
For SUI, this golden cross could mark the end of the "death cross" phase, which has been ongoing for the past seven weeks.
Although the price dipped below the critical $3.16 support level, broader market indicators remain favorable for further gains. SUI's RSI is now stabilizing just below the overbought zone.
Investors are particularly focused on SUI reclaiming support at $3.16. If the price manages to maintain this level and regains strength, it could set the stage for a retest of the $3.59 resistance level.
However, if the price fails to find solid support and continues to drop, falling below $3.16 could open the door for SUI to experience a deeper correction, potentially heading toward the $2.77 mark.
For swing traders, keeping an eye on the psychological round number support at $3 may prove useful in the days ahead.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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- Ethena Expands Its USDe and sUSDe Stablecoins to The Open Network (TON) Ecosystem
- Jun 11, 2025 at 12:55 am
- The partnership, which was announced on May 1 at Token2049 in Dubai, allows Ethena's USDe, a stablecoin linked to the US dollar, and its yield-bearing Staked USDe (sUSDe) to be natively integrated into the TON blockchain ecosystem.
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