Key level:
Bitcoin (BTC) has been consolidating after hitting the all-time excessive of $123,218. Though BTC has not given up a lot floor, its falling dominance of the overall crypto market capitalization reveals that cash is flowing into altcoins.
Will Sui (SUI) be one of many beneficiaries this altseason? Let’s analyze the charts to search out out.
SUI value prediction
SUI picked up momentum after breaking above the 50-day easy shifting common ($3.10) on July 10.
The up transfer has reached close to the overhead resistance of $4.30, the place the sellers are anticipated to mount a powerful protection. There’s help at $3.81 after which on the 20-day exponential shifting common ($3.37). If the worth rebounds off the 20-day EMA, the bulls will once more try and drive the SUI/USDT pair above $4.30. In the event that they handle to try this, the pair might surge to $5 and ultimately to $5.37.
This optimistic view can be negated within the close to time period if the worth turns down and breaks beneath the 20-day EMA. That implies the bulls are dropping their grip. The pair could then drop to the 50-day SMA.
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The pair accomplished a bullish inverse head-and-shoulders sample on a detailed above the $3.55 degree. Sellers try to halt the rally at $4.10, however the bounce off the 20-EMA on the 4-hour chart signifies a optimistic sentiment. The pair might rally to $4.30, which can act as stiff resistance.
Sellers should tug the worth beneath the breakout degree of $3.55 to achieve the higher hand. The pair could then tumble to $3.30 and later to $3.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.
