Insights Analysis SUI is Soaring in 2024

SUI is Soaring in 2024

February 7, 2024 Analysis
BITmarkets | SUI is Soaring in 2024

SUI has been trailblazing through success as it registers higher values throughout its prevailing bull run.

Our technical readings suggest that there is more growth to potentially come for SUI.

4 hour time frame

SUI1.1

SUIUSD - 4 Hour Time Frame

Analyzing the 4-hour time frame reveals clear bullish market structures for this cryptocurrency. The current price has surpassed bearish sub-structures typically associated with corrections within a bullish market trend.

An essential indicator signaling the end of the correction and potential continuation of the bullish movement is the formation of BISI: Buy-side Imbalance, Sell-side Inefficiency (marked on the chart as the blue zone). The price has tested this zone twice, consistently responding positively.

In this scenario, it's advisable to enter buy positions within the BISI area, with the criterion being that the price should not decline and close below the sub-bottom of the correction structures.

This bottom aligns with Fibonacci levels of 0.295 and 0.21. Should such a decline occur, the price may target lower liquidity levels, particularly beneath the original bullish structure bottom at $1.3.

The initial target would be the relatively equal highs where liquidity is also concentrated. Given the prevailing bullish trend, traders or investors may consider holding onto this trade for an extended period, but it's crucial to adjust stop-loss orders accordingly to mitigate risk and protect accrued profits.

A BIT about Sui

Sui cryptocurrency represents a new era in blockchain technology, aiming to tackle significant challenges in the digital realm such as scalability, security, and decentralization.

Designed to facilitate faster, more secure, and efficient transactions, Sui seeks to address issues like network congestion and high fees prevalent in many existing blockchains.

It employs innovative strategies, including novel consensus algorithms and an architecture enhancing scalability and interoperability across various blockchains.

With its promising technology and potential to revolutionize interactions with digital assets, Sui is rapidly gaining attention within the crypto community, emerging as one of the most closely watched projects in the industry.

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