SUI has shown signs of recovery, and the crypto token’s price is trading at $2.65, which is just below the crucial resistance level of $2.77. This resistance stands as the last hurdle before the altcoin can reach the $3.00 mark.
Supported by improved market conditions and trader sentiment, SUI has been gaining momentum recently.
SUI Traders Are Optimistic
SUI’s Open Interest has surged by $273 million over the past week, increasing by 50%. The current Open Interest now stands at $825 million, signaling strong confidence. This rise in Open Interest indicates that more traders are actively participating in the market, and many are optimistic about the altcoin’s future prospects.
The positive funding rate also reinforces this sentiment, suggesting that long contracts dominate the market. With a majority of traders betting on upward movement, the market sentiment remains bullish for SUI.
Despite the recent formation of a Death Cross nine days ago, the macro momentum for SUI remains strong. A Death Cross, where the 50-day EMA crosses below the 200-day EMA, is typically a bearish signal, often indicating a potential price decline.
However, given the improving market conditions and strong investor support, the expected bearish decline may not materialize as strongly as it traditionally would. SUI’s price action suggests that the Death Cross may fade quickly, as it does not align with the current market environment.
SUI Price Is In For A Rise
SUI is currently trading at $2.65, just below the key resistance level of $2.77. Breaching this barrier could trigger a rally toward $3.00. If the altcoin successfully breaks above $2.77, it will likely continue its path toward $3.00, marking a strong recovery and potential for further growth.
Given the increasing market confidence and the positive Open Interest, SUI could aim to breach the next critical resistance at $3.18. Achieving this would help recover recent losses and potentially send SUI to new highs. A breakthrough $3.18 would indicate that the altcoin is poised for a significant rally.
However, if SUI fails to maintain its upward momentum and falls back to the support of $2.47, it could be vulnerable to further declines. A drop below $2.47 would likely strengthen the bearish implications of the Death Cross. This could potentially push the price down to $2.22 or lower, delaying recovery.
Disclaimer
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