The price of SUI coin started this week strong, raising hopes for a rebound in the SUI cryptocurrency.
This comes after Bitcoin’s bullish reaction yesterday at the key support level of $92,000. Sui made a 10% move from $4.29 to $4.76. Bitcoin price continued overnight, although Sui could not and fell by 4.3%.
Today, Bitcoin Track .cwp-coin-chart svg { stroke: ; Stroke width: ; }
price
Trading volume within 24 hours
Recent price action 7D
It grew another 2.5% while Sui could only return to yesterday’s high of $4.70. This is our initial analysis, as Bitcoin looks stronger.
#Bitcoin The search for liquidity couldn’t get rid of us
Price action revisited:
I was ready. I have laid out the complete plan and scenarios of how to act based on the price action.
At the end of the day, we closed above the $92.5K neckline and above range support, a key key level.but,… pic.twitter.com/ap6bvsCO1m
– Anbessa (@Anbessa100) January 14, 2025
Why are we discussing Bitcoin? Well, here’s what I think – once Bitcoin resumes its upward trend, altcoins will hit all-time highs. But first, we need Bitcoin to find support. That’s why we keep an eye on it too.
Here’s another post on X, looking at the market cap of altcoins:
Hold the line – close the week above the gray box and all-time highs will be next. pic.twitter.com/CYVB8UbNbu
– Jelle (@CryptoJelleNL) January 14, 2025
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SUI Coin Price Analysis: Is SUI Crypto Heading for a Rebound?
Each of these X posts is bullish for cryptocurrencies, but have we reached a point where we should get our hopes up? Let’s look at the charts.
(Bitcoin/Dollar)
We will discuss what happened to the BTC price after the green arrow. If you haven’t read the previous article, which features the green arrow, you can do so here.
After the green arrow we see that the price has fallen to the current support. Then it came back and was rejected from MA100 (green). After that, it deviated from the support level at $92,000 – below $90,000 and quickly came above the support line.
Now, it has tested the MA200 (red), which is converging with the last bottom we broke – the MSB – and these levels form the current resistance at $97,000. Will the purple box be tested? I don’t know, but this is possible as long as we remain under this resistance.
(Suwidt)
Coming back to the SUI coin price — on the 4-hour chart, we see what looks like a double top. I was thinking about selling the second option for about $5.20 but was too afraid to do so. The invalidation will be higher than the previous high – a very clear level. Now I wish I had fallen short.
On this chart, we see that we are below all the moving averages. Yesterday we bounced off the annual opening – a thick purple line in the purple box. The box itself is a bullish order block that was formed before the New Year’s pump. These are the key levels to monitor.
(Suwidt)
Finally, we look at the 12-hour chart with Fibonacci retracement starting at the Trump election pump. The levels align well throughout the move, which is important when drawing Fibonacci levels. The analysis here tells us that MA100 acted as support six times.
We see every Fibonacci level tested except for 0.786, which may remain untested. It makes no sense for the price to fall below MA200.
I think a level of 0.382 or even a drop to 0.5 is possible, because it correlates with the MA200. This is the lowest level I would like to see the SUI coin price go to.
Until then, all cryptocurrencies remain on hold and wait for Bitcoin to find support and continue to rise – with the Consumer Price Index (CPI) and a new president coming into office along the way. SUI is one of the strongest altcoins and can accumulate in an upward channel.
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Is SUI Crypto heading for a recovery? The post SUI Coin Price Shows Signs of Strength appeared first on 99Bitcoins.