SUI’s price action remains at a critical juncture, with the Ichimoku Cloud showing a lack of conviction for a decisive breakout. The price is currently pressing against the cloud’s edge, but without strong bullish momentum, a clear upward move remains uncertain. However, the potential formation of a golden cross in the Exponential Moving Averages (EMA) offers a glimmer of hope for buyers—if they can overcome the $2.50 resistance and withstand the impact of post-unlock volatility.
SUI RSI Surges but Fails to Break 60
SUI’s Relative Strength Index (RSI) has seen a dramatic rise, jumping from 29.38 to 58.94 within a day, reflecting a strong short-term recovery. RSI, a key momentum indicator, measures the speed and magnitude of price movements, with values below 30 indicating oversold conditions and those above 70 signaling overbought territory.
Despite this surge, SUI’s RSI briefly approached 60 but failed to break above it—a key resistance level during recovery phases. This rejection suggests lingering hesitation among buyers or possible profit-taking after the initial jump. A decisive move above 60 is needed to confirm sustained bullish control.
Ichimoku Cloud Signals Uncertain Momentum
The Ichimoku Cloud chart for SUI reveals a potential breakout attempt, as the price hovers near the Kumo (cloud). While this suggests building bullish momentum, the thick red cloud ahead poses a strong resistance barrier.
A positive sign is the Tenkan-sen (blue line) crossing above the Kijun-sen (red line), a classic bullish signal. However, for SUI to shift from bearish to bullish, the price must break and hold above the cloud with conviction. The cloud remains flat and bearish, indicating resistance and a lack of strong upward momentum. If buyers sustain pressure and push past the cloud’s upper boundary, a stronger rally could ensue. Otherwise, the risk of rejection remains high.
Can SUI Reclaim $2.80?
SUI’s tightening EMA lines hint at a potential golden cross, a bullish signal that often precedes upward trends. However, immediate resistance at $2.50 poses a challenge. A successful breakout could see SUI targeting $2.83, but downside risks persist. Today’s $147 million token unlock introduces potential selling pressure, which could push prices down to test support at $2.23. A breakdown below this level may shift momentum in favor of bears, exposing further supports at $2.11 and $1.96.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
