SUI had a massive break out on Thursday as buying pressure soared. It attained its highest valuation of the week and held key levels.
The coin started trading at $3.69 and shot up following a slight decline. It reclaimed $4 and peaked at $4.21. Currently trading at $4.16, the asset gained over 12% in the last 24 hours.
The latest increase shows it has broken out of its previous pattern. The coin has been on the downtrend since Jan.19. Its steep fall formed a falling flag. ,A significant increase always follows the bull flag and investors expect this time to be no different.
However, the cause for the surge remains unclear. Nonetheless, the coin received a notable boost from the general bullish state of the market. The global cryptocurrency market cap gained over 3% in the last 24 hours as the fear and greed index significantly increased.
Fundamentals were the primary drivers of the uptrend. Reports of central banks delving into crypto have flooded the space. One such CB is Norway’s. A subsidiary of the institution recently announced its purchase of Microstrategy shares, giving it indirect exposure to Bitcoin.
The asset received a notable boost from VanEcks’ prediction. A recent article by the company’s senior analyst related points that placed it above rival APTOS. It concluded by predicting the coin’s rise to $16.
The project received more attention following its latest integration on Phantom Wallet. The wallet announced on Wednesday that it is expanding its services by integrating SUI into its multi-chain capabilities. SUI receives fresh exposure to over 15 million users following the integration.
What’s Next
Sui’s latest breakout may be the start of another bullish round. The chart pattern precedes an uptrend. This time may not be different as indicators are shaping up to this trend.
The moving average convergence divergence prints buy signals in response to the massive green. The 12-day EMA is on the uptrend and edges closer to the 26-day EMA. Further price increases may seal the convergence, heralding further price increases.
The relative strength index is on the rise. It was at 34 on Tuesday but surged to 45 at the time of writing. This indicates a sudden increase in buying pressure over the last 48 hours. The rapid rise shows that buyers are sustaining the pressure during this period, increasing the chance of a further uptrend.
The Bollinger bands show that the asset rebounded close to the lower band. Previous price movement suggests that the coin may break above the middle band at $4.40 and continue upwards, towards the upper band. This means it will break the $5 mark.
The candlestick pattern shows the altcoin may see a further uptrend. It printed a hammer during the previous intraday session. This candlestick appears only at the end of downtrend.
SUI Must Hold The 38% Fib Level
Sui is trading above the 38% Fibonacci retracement level. Previous price movements indicate massive demand concentration around the mark. Further trends above this level may guarantee more upside moves. However, losing it may send the coin as low as $3,50.
In other news, SUI’s rival Aptos registered notable increases on Thursday. It briefly broke above $8 but is currently trading at $7.86.