SUI Price Movement and Outlook
SUI continues to show strong bullish momentum with a notable 30% increase over the past three days. This surge began after breaking out from a key price zone around $1.1458. The price successfully retested this level as new support yesterday, leading to an additional rise of nearly 20%.
What’s Next for SUI Price
Looking ahead, SUI’s price action remains robust. However, after the recent spike, it is approaching resistance at $1.4334. For the upward trend to continue, the price must break this level.
- If the price fails to surpass $1.4334, it may retrace to the previous resistance level at $1.1458. This level must hold as support to maintain bullish momentum.
RSI and 200-Day SMA Analysis
The Relative Strength Index (RSI) indicates potential retracement with a reading of 78, reflecting overbought conditions. This overbought level aligns with the price nearing the key resistance, which might suggest consolidation before a potential further upward move.
The 200-day simple moving average (SMA) is positioned just below the $1.1458 support. Should the price return to this level, it is expected to provide strong support for a bullish recovery.
Market’s Strong Bullish Sentiment
Despite the overbought conditions, the overall market sentiment remains bullish, particularly following the Federal Reserve’s recent rate cut. This positive sentiment might drive SUI to break through the key resistance level.
However, caution is advised. Short-term traders might wait for a clear breakout before entering long positions.
Fantom (FTM) Price Update
Fantom (FTM) continues its bullish trend, having remained strong for the past four days after breaking out from a descending channel. The recent consolidation was followed by a significant rise.
Yesterday, FTM broke above a critical resistance level at $0.6169, which could fuel further growth as it is likely to attract additional buyers eager to capitalize on the opportunity.
RSI and SMA Analysis for FTM
RSI and SMA analysis for FTM shows mixed signals:
- The RSI is at 75, indicating overbought levels and suggesting a possible minor pullback.
- The 200-day SMA is positioned at the broken resistance of $0.6169, potentially providing strong support if this level holds.
If this support level is maintained, FTM is expected to continue its rally, bolstered by the generally positive market sentiment following the Fed rate cut.
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