If you looking for the best Crypto to buy today then it’s worth noting that SUI is up by 12% in the last 30 days.
Recovering much of the losses made in the last three months. But is this a reversal trend or a bull trap?
Sui has suddenly started showing signs of strength after close to four months of an extended downtrend.
From hitting the current all-time high of $5.35 in January, SUI crashed by more than 70% to reach what seems like a cycle bottom of $1.74 earlier this month. But this has analysts wondering whether SUI has entered a true trend reversal or if this might be a bullish trap.
To understand what is happening to SUI, we need to look at its technical aspects and the warning signs to watch out for.
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Analyzing SUI’s Technical Indicators
From a technical analyst’s point of view, most of the SUI indicators have been flashing bullish. For example, the medium-cap crypto has recovered the 50-day moving average for the first time since January.
This is a critical bullish signal that often precedes upside price moves. Its daily trade volumes have also been on a sustained gain, implying that the rally is being driven by real user demand, not speculative hype.
On the daily timeframe, SUI has been printing higher lows and higher highs. The MACD indicator is also positive, and histogram bars have been getting taller.
The RSI indicator has also maintained an uptrend above 50. And all are indicators of a healthy bullish reversal trend.
What Are The Warning Signs To Watch?
Despite the bullish outlook of SUI’s price action, we still ask that you be cautious when interacting with the coin. It currently faces strong resistance around $3.8 and a lack of enough buy pressure, and another rejection around this area can easily turn the bull run into a bull trap.
There is also broader market uncertainty surrounding the outcome of the Ukraine-Russia talks, US-China trade wars, and Bitcoin’s ongoing consolidation phase. All this threatens a further rally for SUI.
Bullish Reversal or Bull Trap?
In conclusion, SUI has given all the indicators of a bullish trend reversal. However, we cannot conclusively claim that it has confirmed a full breakout.
Traders and investors need to watch out for both the decisive move above the key resistance level and macroeconomic activities. Until the two post positive results, we encourage you to remain cautiously optimistic and ready for either scenario.
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