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These strong bullish breakouts are typically confirmation of a trend reversal. Although the macro backdrop is still uncertain, President Donald Trump and a group of his aides made supportive comments that may have reassured the markets that they are paying more attention than initially thought to the impact of their policy changes.
Trump backpedaled on both the implementation of high tariffs and imposed a 90-day pause while he also denied that he would oust Jerome Powell from the Federal Reserve just days after he called him a “major loser” for not lowering rates.
As tensions ease, the market may feel that the macro outlook has improved to some extent.
Now that SUI has pushed through the $2.48 resistance, the next targets for the token stand at around $3.3 and $3.75. This translates into a 10% to 20% upside potential in the near term if the rally keeps going.
Momentum indicators have surged to their highest levels in months. The Relative Strength Index (RSI) has risen near overbought levels and has reached heights not seen since December last year when the market topped.
Meanwhile, the MACD’s histogram has been rising for three days in a row. This means a tectonic shift in momentum that has not been seen in many months and could be an early indication that the bear market is over.
The strongest trading volumes for SUI came in as SUI broke its 21-day EMA. This is another strong piece of evidence that the bear market could be over and SUI could be poised to rally in the next few months.
The most relevant resistance area based on an analysis of SUI’s yearly volumes stands at $3.5. If the price breaks above this level, this would suggest that a bull market has started for SUI as the market structure would change entirely.
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