The SUI coin price started this week solidly, raising hopes for a recovery for the SUI cryptocurrency.
This follows Bitcoin's bullish reaction at the key support level of $92,000 yesterday. Sui rose 10% from $4.29 to $4.76. While Bitcoin's price held steady overnight, Sui failed to do so and fell 4.3%.
Today, Bitcoin .cwp-coin-chart svg path { stroke: ;stroke width: ; }
price
24 hour trading volume
Price movement in the past 7 days
rose another 2.5%, but Sui could only return to yesterday's high of $4.70. This is our first analysis. Bitcoin appears to be getting stronger.
#bitcoin Even the liquidity hunt couldn't dislodge us.
Reconfirm price action.
You were ready. We have given you a complete plan and scenario on how to act on price trends.
At the end of the day, it closed above the major key levels at the $92.5,000 neckline and range support.but,… pic.twitter.com/ap6bvsCO1m
— Anbessa (@Anbessa100) January 14, 2025
Why discuss Bitcoin? Well, here are my thoughts. If BTC resumes its uptrend, the alternative will reach new all-time highs. But first, we need Bitcoin to find support. That's why we're paying attention.
This is another post about X, looking at the market capitalization of altcoins.
Hold the Line – Finishing the week above the gray box is next followed by an all-time high. pic.twitter.com/CYVB8UbNbu
— Gel (@CryptoJelleNL) January 14, 2025
Explore: How to invest in cryptocurrencies in the UK
SUI Coin Price Analysis: Is SUI Crypto Heading For Recovery?
Both of these X posts are bullish on crypto, but are we at the point where we should get our hopes up? Let's take a look at the chart.
(BTCUSDT)
We will explain what happened to the BTC price after the green arrow. If you haven't read the previous article marked with a green arrow, you can read it here.
After the green arrow, we can see that the price has fallen to the current support. Then I came back and was rejected by MA100 (green). It then fell below the support at $92,000 and quickly rose above the support line below $90,000.
We have now tested the MA200 (red), which joins the MSB, the last low we broke below, and these levels form the current resistance at $97,000. Will the purple box be tested? I don't know, but it is possible as long as it is under this resistance.
(Sui USDT)
Return to SUI coin price. On the 4-hour chart, we see something like a double top. I was thinking of shorting the second one at around $5.20, but I was too scared to do so. The invalidation will likely exceed the previous high. This is a very obvious level. Now I wish I had shorted it.
In this chart you can see that it is below all MAs. Yesterday we bounced back from the annual open. It's a thick purple line inside a purple box. The box itself is a bullish order block that formed before the New Year's pump. These are important levels to monitor.
(Sui USDT)
Finally, let's take a look at the 12-hour chart with the Fib retracement starting from President Trump's election pump. The levels line up very well throughout the journey. This is important when drawing Fib levels. The analysis here shows that MA100 acted as support six times.
You can see that all Fib levels are tested except 0.786. 0.786 may not have been tested. It makes no sense for the price to fall below MA200.
Since there is a correlation with MA200, I think it could drop to 0.382 or even 0.5. This is the minimum I want the SUI coin price to fall to.
Until then, all cryptocurrencies will be on hold and wait for Bitcoin to find support and continue rising. Along the way, the CPI and a new president will take office. SUI is one of the most powerful alts and can accumulate in an ascending channel.
Explore: Bullrun Crypto Trends – January 2025
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The post Is SUI Crypto Heading For Recovery? SUI Coin Price Shows Signs Of Strength appeared first on 99Bitcoins.
