CryptoexpertRaoulPalsaysSui(SUI)seemstohavebrokenoutoftherecentconsolidatoryphase,whichbodeswellfornewall-timehighs.Itspricemovementsoverthepastfewdayssawanover15%increaseinvaluewithinasingleday.Ithastriggeredtheinterestofinvestorsandanalysts.
DatafromCoinMarketCapshowsthatSUIpricewentupbymorethan20%,catapultingitsmarketcaptoover$5.5billion.Thissharprisefollowsaperiodofpriceconsolidationwherethemarketwaspreparingforthenextbigmove.
Thegrowingpositivityisaresultofincreasingtradingvolumeandmarketvaluation.
$SUIisbreakingitsconsolidationnowandshouldbeheadedtonewATH\'spic.twitter.com/WXKLyMbzY7
—RaoulPal(@RaoulGMI)October29,2024
SuiShowingRobustBullishness
AcloserlookattheSuipricechartshowssomebullishpatterns.StartinginlateAugust,thetokenexhibitedastronguptrend,andthepriceexperiencedconsistentlyhigherlevels,makinghigherlowsandhigherhighs,anindicationofastrongbullishmarket.
Butonthedailychart,thepriceactioninSeptemberandOctobertendedtotightenthesehighsandlows,formingwhatlookedlikeadescendingchannel.Thedaysofconsolidationweremarkedbydecreasingvolumeswhenthemarketswerecoilingupforapotentialbreakout.
ThisalladdsfurtherevidencethatSuibrokeoutofthispatternwithpricerallyingsharplyabovepreviousresistancelevelsaround$1.90.TheSuimarketdynamicsarerevealedbytheclickofthefour-hourchart.
Suitestedresistanceafterthebreakoutat$2.12andretreatedslightlybutbuiltstrengthforanotherrally.Ahugeincreaseinbuyingvolumefollowsthispriceaction,andthisonlycontinuestoaddtothebullishoutlookpresented.
Relatively,theRelativeStrengthIndex(RSI)onafour-hourcharthasalsomovedintobullishterritoryabove60.Thatsignifiesacontinuingbuyinginterestinthemarket.ThesecondindicationofupwardmomentumisabullishcrossoveroftheMovingAverageConvergenceDivergence(MACD).
Technicalindicatorsareonthebullishside,andthecryptoanalyst’ssentimentishigh.PositiveendorsementsfromthelikesofRaoulPalunderpinthissentiment.Abreakcouldconfirmthedirectiontonewhighs.Marketparticipantscloselywatchresistancelevelsof$2.12and$2.15.
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