As a seasoned researcher with years of experience tracking the volatile crypto market, I find myself intrigued by the recent 80.5% rally of SUI from $0.46 to $0.83. This sudden bullish turnaround can be attributed to Grayscale’s launch of a new SUI Trust fund and a mid-week rebound in the crypto market. However, I’m not one to jump to conclusions without thorough analysis.
As someone who has closely followed the cryptocurrency market for several years now, I must say that the recent surge of SUI from $0.46 to $0.83 this week is nothing short of impressive. With a staggering 80.5% rally, it’s clear that this digital asset has caught the attention of many investors and traders alike.
Grayscale Launches Sui and Bittensor Investment Trusts
On Wednesday, 7th August, Grayscale Investment made a public announcement about the launch of two new crypto investment vehicles: the Grayscale Sui Trust and the Grayscale Bittensor Trust. These trusts form part of Grayscale’s ongoing mission to grant investors exposure to cutting-edge tokens in the rapidly developing cryptocurrency market.
“Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary expressed her enthusiasm about incorporating Bittensor and Sui into their product lineup. She believes that Bittensor plays a significant role in the expansion of decentralized AI, while Sui is reshaping the smart contract blockchain landscape.”
As a researcher focused on blockchain technology, I am eagerly exploring the potential of the Sui Trust, an investment instrument exclusively devoted to the SUI token. This unique entity seeks to maximize its value by leveraging the high-performance capabilities of its Layer 1 smart contract platform. Designed with scalability in mind for decentralized applications, this platform offers a promising avenue for growth and innovation.
SUI Price Gives Decisive Breakout From Reversal Pattern
Over the last three months, the price of SUI has been gradually decreasing due to a descending channel formation. This pattern creates an ever-changing resistance and support level for the asset.
On Thursdays, the value of SUI surged beyond the upper limit of its usual trend, suggesting a shift in the market’s attitude, moving from selling when there’s an uptick (selling-on-rallies) to buying when there’s a downturn (buying-on-dips), if this upward trend continues.
A significant decrease in the Average Directional Index (ADX) falling below 30% underscores the diminishing power of the current bearish trend. Currently, the SUI token is being traded at $0.839 and may be preparing to revisit the previously broken trendline, experiencing a daily setback of approximately 1.5%.
The upcoming possible drop now has extra backing from the just-regained 50-day Exponential Moving Average (EMA) line at $0.8. If buying continues, the upward trend following the breakout could aim for $1.17 after a potential rise of 40%, and then potentially reach $1.44.
Contrarily, the wider market hasn’t indicated the conclusion of the downward correction phase just yet. Should the SUI price move into a channel pattern, it would weaken the bullish argument and potentially label the movement as a false breakout.
Due to this drop, the selling force will increase significantly, causing the altcoin to plummet approximately 26%. It might then search for support around the price of $0.62.
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2024-08-09 16:14