Can a $20 Million Influx Spark Optimism for Sui Cryptocurrency?
Can a $20 Million Influx Spark Optimism for Sui Cryptocurrency?
Meta Description: Sui price initiated a recovery in the second week of August after noting a strong crash in the last week of July
The Open Interest contracts have surged by nearly 50% a day indicating a buyers comeback.
Sui price has surpassed the 200 day Exponential moving average indicating a bullish outlook.
The Bitcoin reclaimed above the 60K mark sparking an optimism in the altcoins. The global markets headed higher after the Fed Interest rate decision with the Bitcoin rising over 5% yesterday.
A strong surge in Bitcoin's price unlocked the higher levels for Sui cryptocurrency. In tandem with the broader markets rise, Sui price jumped over 20% yesterday beating many other altcoins.
At the time of writing, Sui was exchanging hands close to $1.01 recording a swift 0.02% positive development in intraday. Let's analyze whether Sui would continue to perform in the short term and emerge as a good pick for September.
Sui Crypto: Inflow Rises By 50% A Day
Along with the recent price surge, Sui has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment.
Along with the recent price surge, Sui has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment.
As per the data obtained by a financial website app.santiment.net, the Open interest contracts noted a growth of over 50% a day indicating a buyers comeback. The OI data surged from $40 Million yesterday to over $62 Million as of now.
Moreover, the transaction volume has noted a growth of over 145% to $450.8 Million indicating a heightened demand. The volume to market cap ratio at 17.05% suggests high volatility in the crypto.
Can Sui Continue To Rise Above $1 or Fail?
Earlier, Sui price initiated a recovery in the second week of August after noting a strong crash in the last week of July. However, the bulls faced a strong resistance near the psychological $1 level.
However, the bulls established their presence near the 50 day exponential moving average after which Sui managed to stabilize at the highs. A strong upward push on the higher side has validated a bullish reversal unlocking the price potential towards the next major $1.25 level.
At the time of writing, the RSI line was placed close to 63.9 points and that of the 14 day SMA line was placed at 57.54 points. Both the RSI and SMA line were placed above the mean line indicating the price hovering in a positive territory.
Bitcoin's rise above 60K has sparked optimism in altcoins, with Sui cryptocurrency jumping over 20%. Along with the recent surge, Sui has reclaimed the $1 level. Moreover, the recent surge marks the end of a correction phase, supported by significant inflows in the derivatives segment. Open interest contracts grew over 50%, indicating a buyer comeback.
Furthermore, After a recovery in mid-August, Sui faced resistance at $1 but stabilized above the 50-day EMA. The RSI and SMA lines were placed above the mean line, suggesting positive momentum. Sui's price potential now targets the $1.25 level.
Meta Description: Sui price initiated a recovery in the second week of August after noting a strong crash in the last week of July
The Open Interest contracts have surged by nearly 50% a day indicating a buyers comeback.
Sui price has surpassed the 200 day Exponential moving average indicating a bullish outlook.
The Bitcoin reclaimed above the 60K mark sparking an optimism in the altcoins. The global markets headed higher after the Fed Interest rate decision with the Bitcoin rising over 5% yesterday.
A strong surge in Bitcoin's price unlocked the higher levels for Sui cryptocurrency. In tandem with the broader markets rise, Sui price jumped over 20% yesterday beating many other altcoins.
At the time of writing, Sui was exchanging hands close to $1.01 recording a swift 0.02% positive development in intraday. Let's analyze whether Sui would continue to perform in the short term and emerge as a good pick for September.
Sui Crypto: Inflow Rises By 50% A Day
Along with the recent price surge, Sui has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment.
Along with the recent price surge, Sui has marked the end of a correction phase. The bulls have reclaimed the $1 level. Moreover, the price rise was followed by a significant inflow in the derivatives segment.
As per the data obtained by a financial website app.santiment.net, the Open interest contracts noted a growth of over 50% a day indicating a buyers comeback. The OI data surged from $40 Million yesterday to over $62 Million as of now.
Moreover, the transaction volume has noted a growth of over 145% to $450.8 Million indicating a heightened demand. The volume to market cap ratio at 17.05% suggests high volatility in the crypto.
Can Sui Continue To Rise Above $1 or Fail?
Earlier, Sui price initiated a recovery in the second week of August after noting a strong crash in the last week of July. However, the bulls faced a strong resistance near the psychological $1 level.
However, the bulls established their presence near the 50 day exponential moving average after which Sui managed to stabilize at the highs. A strong upward push on the higher side has validated a bullish reversal unlocking the price potential towards the next major $1.25 level.
At the time of writing, the RSI line was placed close to 63.9 points and that of the 14 day SMA line was placed at 57.54 points. Both the RSI and SMA line were placed above the mean line indicating the price hovering in a positive territory.
Bitcoin's rise above 60K has sparked optimism in altcoins, with Sui cryptocurrency jumping over 20%. Along with the recent surge, Sui has reclaimed the $1 level. Moreover, the recent surge marks the end of a correction phase, supported by significant inflows in the derivatives segment. Open interest contracts grew over 50%, indicating a buyer comeback.
Furthermore, After a recovery in mid-August, Sui faced resistance at $1 but stabilized above the 50-day EMA. The RSI and SMA lines were placed above the mean line, suggesting positive momentum. Sui's price potential now targets the $1.25 level.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.