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- Ichimoku Cloud performed very strongly on the daily time frame.
- Higher term expectations would turn bearish if the price falls below $3.35, which is unlikely at press time.
Sui Network (SUI) has a very optimistic long-term outlook. It has performed noticeably well since September, rising almost 500% in less than four months. Sui price fell 8.6% in the last 24 hours as Bitcoin (BTC) price fell 4.8%.
A slight decline in buying volume in recent days has provided a clue that Sui bulls may be biding their time before they are ready to move higher on their next impulse.
Sui is expected to grow above $5.
Source: SUI/USDT on TradingView
The Sui’s price action has been very bullish on the daily time frame, with higher highs and lower lows since late October. The upward trend began in September when local resistance at $0.9-$1 was broken and retested as support.
Over the past month, average trading volume has shown a slight downward trend, which means that buying momentum has weakened. This is especially evident in the A/D indicator, which has been slowing over the past week.
Ichimoku Cloud remains bullish, highlighting strong support in the $3.2 and $4.1 region. Thick clouds have shown strong upward momentum over the past month.
At press time, the 23.6% extension level is acting as near-term support. Volatility is possible, but the next target is more likely to be $5.38 than $3.50 or lower.
Short range of SUI
Source: Coinglass
The $4.5 Fibonacci extension level served as resistance earlier this month and has transitioned into a demand zone. The two-week look back period showed a cluster of liquidation levels around $4.3 and another liquidity pocket around $5.
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The price has also ranged between these two levels over the past week, which explains the build-up of liquidity. The decline in Bitcoin price and the consolidation phase in SUI meant that this range formation could continue for a few more days.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.