During the weekend trade, the value of SUI significantly increased by more than 5%, reaching $0.935. This rise is linked to both the broader market’s upward trend and the recent introduction of stablecoin AUSD, along with TVL growth, which appears to have fueled a bullish sentiment. Will the buyers’ actions in the coming days reverse the correction seen in September, potentially leading to a bullish breakthrough above $1?
SUI Price Rebounds as AUSD Stablecoin Launches
As a crypto investor, I’m excited to share that the layer one blockchain Sui has officially debuted its native stablecoin, known as AUSD. This stablecoin is specifically engineered to streamline DeFi activities on the platform. It’s been developed in partnership with Nonstop Finance, ensuring users a more secure and decentralized asset for transactions, borrowing, and lending within DeFi.
With this launch, Sui’s growing ecosystem takes a major step forward, solidifying its presence within the decentralized finance sector. The introduction of AUSD aims to boost liquidity and enhance financial stability for projects operating on the Sui platform.
During the ongoing growth phase, the price of SUI found solid support at around $0.8 and experienced a substantial jump. Moreover, the Total Value Locked (TVL) in the SUI network significantly increased, as reported by DefiLlama, reaching an impressive figure of $641 Million. This upward trend suggests a growing influx of capital into the project and heightened confidence among investors in this particular initiative.
SUI Price Set for Major Breakout from Inverted H&S Pattern
As an analyst, I’ve noticed a significant shift in the bullish momentum of SUI on its daily chart, which suggests a potential trend reversal. The price action forms an inverted head-and-shoulder pattern, with the neckline serving as an overhead resistance trend line. This pattern is reinforced by repeated rejections from the 200-day Exponential Moving Average (EMA), indicating a strong resistance level.
Despite the market’s volatile nature, the SUI token is demonstrating a strong base for growth at approximately $0.5728. This unexpected surge in bullish energy has led to a quick turnaround, resembling the letter ‘V’, and further advancement above $0.80, indicating a persistent bullish trend.
At the moment, the SUI price chart shows three consecutive bullish candles that have propelled its value by approximately 20%. The token is now trading at $0.9264. Intraday, it has gained 5%, and this surge is pushing the altcoin to test the falling 200-day moving average. Notably, it has already surpassed the 50-day moving average.
If we see a significant price surge at the end of each trading day (daily candle close), it could boost the upward trend, propelling the price beyond $1. This uptrend might aim for $1.43 next, with another potential target at $1.72 thereafter.
In simpler terms, the RSI line (Relative Strength Index), which shows the day-to-day trend, consistently remains above the middle point and is moving towards the 60% level, suggesting a persistent upward movement.
According to the price movement patterns, significant resistance points can be found at $0.9656 and $0.8728, with a notable psychological resistance near $1.001 and an overhanging trend line. Additionally, there is a higher resistance level at $1.43. On the flip side, important support levels are located at $0.80 and $0.5728 on the lower end of the price range.
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2024-09-08 21:54