SUI – AMBCrypto
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SUI price shows strong momentum, potential for higher gains. Open interest and funding rates are bullish for SUI. Sui Network [SUI], a leading non-EVM chain, is gaining significant traction in the cryptocurrency market. Known for its impressive transaction speed, even surpassing Solana, Sui Network is making waves with its growing Total Value Locked (TVL), now exceeding $600 million. This increase in TVL is positively impacting SUI’s price, making it a notable contender in the market. Recently, SUI has been trading above an hourly downward trend channel, indicating a potential shift in momentum. Source: X The price action of the SUI/USDT pair has shown bullish signs, especially from the falling wedge resistance zone on the 4-hour timeframe. If this strong price action continues, it could signal a sustained bullish trend in the long run. The price has already broken above the upper resistance of the hourly downtrend channel, but confirmation is still pending. However, the volume oscillator and large 4-hour candles suggest that momentum is in favor of further gains. For traders, a long opportunity around the breakout level of $0.80 could offer a 25% return on investment if price reaches the $1 level. Source: TradingView Analyzing the hourly timeframe reveals that the stochastic RSI is in the overbought zone, indicating strong buyer confidence. This presents an opportunity to increase investments in this correction phase. However, if the price of SUI/USDT falls below the $0.74 level, traders should exercise caution and reassess their next move, with $0.65 being a crucial support level to watch. Open interest and funding rates Examining the open interest of SUI/USDT reveals five critical zones where traders have shown significant interest or disinterest. The $0.825-$0.832 and $0.891-$0.898 zones have open interest readings of $14.59 million and -$12.409 million, respectively, indicating low trader interest. Source: Hyblock Capital On…
Filed under: News - @ September 4, 2024 5:16 am