The post Will Sui Break $4 or Will It Fall Back To $2.3? appeared first on Coinpedia Fintech News
Sui has been attracting investors’ interest. As Bitcoin made a new all time high, sui followed to do so. Since the US election Sui has surged by 118% creating a new all time high. To understand what has been happening with this altcoin and what is next, let’s explore the charts.
Sui’s Journey to ATH
Since August, Sui has given 760% returns to its believers. It has been among the altcoins with best returns this year. For around a month it has been moving in a confined zone between $1.84 and $2.37. Along with Bitcoin and other alts, Sui also surged during the US election. A few hours ago, it created a new all time high at $4.04. However, it has been cold since then, moving very little. RSI in 4 hourly chart, is at 65.67 and is rising. Same goes for Average Directional Index. It has risen to 25.32. These two indicators hint at further upwards movement.
Metrics Giving Warning
However if we check the daily trading volume it says otherwise. It is down by 13.27% as compared to the last 24 hours. Despite this, the price has surged by 2.39%. At the time of writing Sui is trading at $3.84. ADX on a daily chart is at 22.11, reflecting the decreased power of buying. It shows that the direction of price has turned downwards.
Another important thing to check here is the net flow of exchanges. Data from Coinglass shows that Sui is witnessing inflow to the exchanges. This generally happens when people bring their tokens to exchanges for selling. It increases the supply in the market affecting its price. Till the time of writing, $16.95 worth of inflow was recorded.
What to Expect?
Sui has been one of the best altcoin to provide massive returns to its investors this year. Following Bitcoin it has peaked however, it looks like the selling pressure is increasing. As People are taking their profits, the price might take a correction. The nearest support lies at $3.19 followed by a weak support at $2.9. If these two fail in case of a price drop, $2.3 support should be enough to hold the price. However, if Bitcoin shakes the market and more buyers enter it, we might see Sui breaking its ATH to create a new one.