$SUI Encounters Resistance: Will the Bulls Hold or is a Retracement Looming? - AMBCrypto Analytics
It’s almost a week since Grayscale announced the launch of a new SUI Fund. The market reacted positively to the announcement, resulting in a bullish uptick for the cryptocurrency. The development certainly created a lot of excitement judging by SUI price action. The cryptocurrency has so far rallied by over 100% from its bottom range in July.
Bullish expectations have encouraged a surge in leveraged long positions, that may be detrimental in the short-term. Recent findings reveal a surge in long liquidations worth as much as $19.52 million.
SUI has been eying the $1 price tag but has recently been experiencing resistance between the $0.95 and $0.96 price level. This, combined with the long liquidations suggests that breaking above $1 might not be a walk in the park. It also signals the possibility of profit-taking since the cryptocurrency is now in a historic resistance zone.
Despite the new found resistance, SUI bulls may still have a chance to succeed in their attempt. The RSI still had some wiggle room before entering overbought territory.
If the bulls can sum up enough momentum this week. If an extended bullish momentum plays out, the next expected resistance zone is near the $1.17 price range.