Visionary SUI May Spike in June

SUI represents a promising new cryptocurrency developed by a team committed to pushing the boundaries of blockchain technology. Growing by 45% since the start of the year, the SUI token behind the visionary project may be set to soar in June.

Weekly time frame analysis

SUIUSD - 1 Week Time Frame

The project’s strong fundamentals are complemented by a positive outlook from a technical analysis standpoint, which is crucial for thorough asset evaluation and achieving consistent trading outcomes.

Currently, SUI’s price structure is bullish, although it is undergoing a correction phase. While corrections might initially seem concerning, they represent a strategic opportunity for strengthening buying positions within a portfolio, especially given SUI’s stability and promising prospects.

Notably, the price has dipped below the 0.5 discount threshold to 0.295, presenting a prime buying opportunity at relatively low prices. This buying strategy is further supported by the strong adherence to the support zone, indicated by the Fair Value Gap (FVG).

Key purchase points

SUIUSD - 4 Hour Time Frame

For traders looking to initiate buy positions, there are two key support zones to consider for placing orders. The first is the Inversion Fair Value Gap (IFVG) and the second is the traditional FVG (marked on the chart as zone number 1). Ideally, the price should fully respect both zones without closing below them on the 4-hour timeframe.

However, as trading and investing involve probabilities, if a closure does occur, maintaining the position with some reduction might be advisable.

The Stop Loss (SL) should be set below the internal low, and the Take Profit (TP) is flexible, allowing for adjustments based on the continuation of the bullish trend observed on the weekly timeframe.

Traders may also consider taking partial profits at previous external and internal highs, where Buy-side Liquidity (BSL) is concentrated.

Who is behind the Sui project?

The project is led by Mysten Labs, a company established by former senior executives and engineers from Facebook's (now Meta's) Diem blockchain project.

With their extensive background in crafting scalable and secure blockchain systems, these experts ensure that SUI is designed for high performance, efficiency, and robust security. Their goal is to address current challenges in the cryptocurrency space and to greatly enhance the user and developer experience.