SUI’s Price Hangs on a Thread as It Rests on a Key Support Level

Sui (SUI) was one of the many cryptos in the red today according to the crypto market tracking website, CoinMarketCap. At press time, the altcoin’s price stood at $1.12 following a 1.35% drop in the past 24 hours.

In addition to weakening against the Dollar, SUI’s price also dropped against the market leaders Bitcoin (BTC) and Ethereum (ETH). As a result, it was down 1.35% against BTC and 1.65% against ETH. Furthermore, the crypto was trading very close to its daily low of $1.11.

4-hour chart for SUI/USDT (Source: TradingView)
4-hour chart for SUI/USDT (Source: TradingView)

At press time, SUI’s price was resting near a key support level at $1.1181, and technical indicators suggested that it would flip the support into resistance in the next 24 hours. The 9 EMA line on the 4-hour chart was trading bearishly below the longer 20 EMA line. In addition, the RSI line was trading bearishly below the RSI SMA line.

This bearish move looked as if it was coming to an end, since the RSI line was looking to cross above the RSI SMA line. Should this cross happen, it would signal that bulls successfully defended the support level.

Given the fact that SUI was trading below the 9 and 20 EMA lines on its 4-hour chart, traders may want to wait for it to reclaim a position above the 2 EMA levels before entering into a long position. On the other hand, SUI dropping below $1.1181 would be a signal to short the altcoin, as its price will likely drop to $1.0768.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

3 cryptos below $0.2 to outperform Polygon (MATIC) in 2024

Image
Welcome to the world of cryptocurrency, where trends shift rapidly and opportunities abound. In this dynamic landscape, investors are constantly seeking the next big thing. Today, we explore three cryptocurrencies priced below $0.2 that have the potential to outshine even established players like Polygon (MATIC) in 2024. From the meme-fueled momentum of Shiba Inu (SHIB) to the innovative strides of Retik Finance (RETIK) and Stellar's (XLM) promising developments, these gems offer enticing prospects for growth. Let's delve into their potential and what sets them apart. Overview of Polygon (MATIC) and Its Performance Polygon, formerly known as Matic Network, has emerged as a leading layer 2 scaling solution for Ethereum, aiming to address the network's scalability issues. With its innovative technology, Polygon provides faster and cheaper transactions, making it an attractive choice for decentralised applications (dApps) and developers. In 2023, Polygon experienced sign...
Read more

Horizen Labs, Offchain Labs, and Arbitrum Foundation Develop Apechain

Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. Apechain will utilize APE as its utility and gas tokens, fostering the expansion of the token’s reach. The platforms shared their enthusiasm for the new development while the community accepted the proposal. In a bid to expand the utility and reach of APE coin, Horizen Labs, Offchain Labs, and the Arbitrum Foundation have initiated the development of a dedicated blockchain, Apechain. In a recent revelation, the blockchain platform, Offchain Labs, unearthed the community’s acceptance of the Apechain development proposal, indicated by a more than 50% support rate. Congratulations to @apecoin DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack! With $APE serving as both the gas and governance token for ApeChain, Arbitrum Orbit's customizability empowers @ApeCoin DAO with true ownership and control over this… ...
Read more

First Republic: U.S. Government Coordinates "Urgent Rescue Talks" to Rescue Bank

Image
U.S. officials are reportedly leading urgent talks to rescue First Republic Bank . This comes at a time when private-sector efforts ushered by the bank’s advisers are yet to pocket a finalized deal. Citing three unnamed sources familiar with the matter, a recent Reuters report revealed,   “The Federal Deposit Insurance Corporation (FDIC), the Treasury Department, and the Federal Reserve are among government bodies that have in recent days started to orchestrate meetings with financial companies about putting together a lifeline for the troubled lender.” JUST IN: US Government coordinating urgent meetings to rescue First Republic Bank $ FRC . — Watcher.Guru (@WatcherGuru) April 28, 2023 Also Read: Crypto x Stocks: Is Un-Correlation in Play? At this stage, it is still not clear if the U.S. government is looking to take part in a private-sector rescue of First Republic. Nevertheless, one of the sources reportedly revealed that the government’s engagement has “emboldene...
Read more