Date: Tue, Nov 05, 2024, 06:24 PM IST
The cryptocurrency market is in high spirits today, with Bitcoin (BTC) trading close to the $70,000 mark, showing a 2.83% gain as U.S. elections kick off. Market sentiment has been positively influenced by the growing predictions of Donald Trump’s potential win, which has risen to 62.7%. Trump’s favorable stance on cryptocurrencies has spurred a positive market reaction, benefiting several assets.
Among the gainers, Sui (SUI), a prominent Layer-1 token, is standing out with an impressive surge of over 7% in the last 24 hours, breaking past the $2.00 mark.
SUI Hits Milestone in DEX Trading Volume
A key factor fueling SUI’s recent rally is the impressive growth in its decentralized exchange (DEX) trading volume. According to a recent update by crypto analyst @Torero_Romero, SUI Network has reached an extraordinary milestone, surpassing $26 billion in DEX trading volume, with a year-to-date increase of +23 billion.
This surge in trading volume indicates growing interest and activity around SUI, strengthening its bullish outlook.
Technical Analysis
Current Price Action: SUI has recently broken out above a descending resistance line and is trading confidently above the $2.00 mark, signaling a strong bullish momentum.
Key Resistance and Support Levels:
- The immediate resistance level is around $2.15 (marked as “R” on the chart). If SUI breaks through this level, it could aim for the next target around its all-time high (ATH) near $2.36.
- The key support level is positioned at $2.00 (labeled “S”), which now serves as both a psychological and technical support.
Relative Strength Index (RSI): The RSI currently stands at 63.98, suggesting that SUI has further room to rise without reaching overbought levels. This indicates steady buying momentum.
Volume Trends: The recent upward movement in price is supported by an increase in trading volume, which is a positive sign for sustaining further gains.
Are More Gains Coming?
Given the breakout above the resistance line, coupled with rising volume and a healthy RSI, SUI appears to be positioned for continued upward momentum. As long as the price remains above the $2.00 support level, a push toward the $2.20 resistance and potentially to ATH levels near $2.50 is within reach.
Conclusion
With SUI crossing the $2.00 mark and showing robust momentum, coupled with its record-breaking DEX trading volume, the setup suggests potential for more gains in the near term. However, a pullback could occur if it faces resistance at $2.20. As long as SUI holds above the $2.00 support level, the outlook remains bullish.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.