- Sui demonstrates a bullish daily market trend accompanied by significant buying activity.
- The Fibonacci retracement levels and the observed bearish divergence played a role in the price rejection.
Sui [SUI] experienced a strong bullish momentum, though recent volatility across the market has impacted this progress. Since September 1st, the token has surged by 131%. It has consistently shown a bullish bias on the daily chart.
The trading volume remained above average, and the market structure implied a likely continuation of the upward trend. Nevertheless, a key hurdle stands in the way of bullish targets set at $2 and higher.
Consistent buying pressure and solid accumulation patterns
Source: SUI/USDT on TradingView
The daily market structure has maintained a bullish outlook since September 15th, following a brief dip to $0.8 and a vigorous recovery. September’s trading volume was notably higher than that of July and the latter part of August, emphasizing bullish sentiment.
Buyers managed to maintain this positive sentiment and push prices higher, reaching the $2 mark. However, they faced selling pressure that emerged after Bitcoin [BTC] corrected from $66.5k.
The CMF stood at +0.06, while the A/D indicator surpassed the highs recorded in March and April. Together, these indicators indicated significant recent buying momentum and highlighted the bullish accumulation trends of September.
The Fibonacci retracement levels hinder SUI bulls
The daily RSI exhibited a bearish divergence on October 2nd as the token price approached the $1.81 resistance level, which aligns with the 78.6% retracement level from Sui’s downtrend observed since April.
Recent liquidation heatmap data indicated that the $1.77 zone had high liquidity. The recent upward movement swept through this liquidity, approached the psychological barrier at $2, and subsequently dropped below the Fibonacci level again.
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The token displays a strongly bullish structure on the daily chart, but the $1.81 resistance remains critical. If bearish forces continue to defend this level, it could undermine bullish sentiment and push prices down.
Disclaimer: The insights provided do not represent financial, investment, trading, or other forms of advice; they reflect the author’s opinion only.
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