As a seasoned crypto investor with a knack for spotting trends and patterns, I find myself intrigued by the current state of SUI. With my years of experience navigating the volatile crypto market, I’ve learned to read between the lines and interpret chart patterns effectively.
In simpler terms, on Friday in the U.S., the cryptocurrency market continued its drop as Bitcoin finds it hard to exceed $70,000. This renewed downward trend has slowed the recovery of major altcoins overall. But analysts think that the price of SUI provides a good opportunity for Dollar-Cost Averaging (DCA), meaning a strategic point for long-term investors to enter the market.
Over the past day, the value of SUI has decreased by 2%, now trading at approximately $1.89. Its market capitalization remains steady at around $5.24 billion. A bearish pullback that aligns with a continuation pattern suggests there could be a possibility for an increase in its price.
SUI Price Ready for $3 Surge? Analyst Highlights Perfect DCA Zone
In a recent tweet, crypto analyst Suipiens.su emphasized a potential ideal region for dollar-cost averaging (DCA) in SUI. Based on the provided graph, the price of SUI seems to be within a range defined by two upward trendlines, suggesting the development of a widening wedge formation pattern.
Typically, when two lines in a pattern diverge, it suggests that the market is uncertain and neither buyers nor sellers are clearly in control. At the time of reporting, the SUI price was trading around $1.87, testing the rising trendline’s support level.
Experts predict this to be the last drop before SUI hits record highs, emphasizing that the current support level has been a significant source of dynamic reinforcement since late September. If the trend continues, it’s possible that the cryptocurrency could exceed its previous ATH ($2.36) and aim for a $3 target.
SUI DeFi Ecosystem Booms as TVL Jumps to $995.5M
Based on DeFiLlama’s statistics, the Total Value Locked (TVL) for SUI has significantly grown from $313.5 million to $995.5 million over a span of three months. This represents an impressive increase of 217.54%. This substantial rise in TVL suggests that investors are becoming more confident and the adoption of SUI’s DeFi platform is on the rise.
A significant increase in invested funds indicates that more people are securing their assets within SUI protocols, which strengthens the optimistic perspective for a market rebound.
SUI Price Analysis: Wedge Pattern Hints Imminent Breakout
Over the past 12 days, I’ve observed a significant drop in SUI’s price from $2.35 to $1.85, translating into a 21% decrease. In my analysis as a crypto price analyst, I’ve identified this price movement as the formation of a falling wedge pattern on the two-hour chart.
In theory, as the two lines trending towards each other suggest, investors may regain their bullish energy. If these trendlines change from being points of resistance to support, and if this shift coincides with the Point of Control (PoC), it might indicate the beginning of a bullish surge.
Contrarily, should the sellers persistently uphold the resistance trendline, the SUI price may extend its ongoing corrective trend, as observed from my analysis perspective.
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2024-10-25 21:36