SUI hits a new all-time high, trading at $4.80.
The asset has witnessed a 24-hour liquidation of $10.75 million.
The crypto market woke up to the sound of bullish bells, with Bitcoin reclaiming the $100K mark. Ethereum rose by 7% and is on the verge of reclaiming $4K. Notably, SUI hit a new all-time high of $4.86, surging by over 30.5% in the last 24 hours.
SUI’s rally toward new highs could rekindle the market sentiment and kickstart another rally targeting $5. SUI has broken through its critical resistance levels, inferring a potential uptrend.
The asset opened the day trading at $3.72, before surpassing the unforeseen trading range. At the time of writing, SUI trades at $4.80 as per CMC data. And the asset’s daily trading volume has reached $3.47 billion. Besides, SUI has witnessed a 24-hour liquidation of $10.75 million.
While zooming out over the past week, SUI has recorded a similar range of surge of over 28.30%. This triggered the altcoin to break its resistance at $4 and to move forward to new trading levels.
Is SUI Poised to Keep Rising?
As SUI’s Moving Average Convergence Divergence (MACD) line crossed above the signal line, the four-hour technical chart analysis of the asset highlighted the ongoing upside pressure, which is often considered an opportunity to enter long positions.
SUI chart (Source: TradingView)
In addition, the Chaikin Money Flow (CMF) indicator, which assesses the capital flow, is found at 0.25, suggesting a positive flow and strong buying activity. Meanwhile, the trading volume of SUI has increased by 65.53%.
The SUI price has enough room for further upside rally, with the immediate target at $4.90. If the asset surpasses this mark, it could eye a potential $5 range, which signals a renewed upward momentum.
However, if the current upside correction weakens, the emerged death cross might test the asset’s nearby support at $4.57. Should this level fail to hold, the price could even slip below $4.20, acting as a crucial ground for SUI.
Moreover, the altcoin stays within the overbought territory in the market, as the daily relative strength index (RSI) is stationed at 71.43. The daily trading window of SUI displays the short-term 9-day MA above the long-term 21-day MA.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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