$SUI The price trend continues to form a triangle, surpassing the psychological mark of $4.50 may trigger a bull run!
Despite the increased volatility of Bitcoin prices, the total cryptocurrency market capitalization (excluding Bitcoin and Bitcoin) remains strong with a valuation of $1 trillion. SUI is at a critical juncture in the relatively strong altcoin market.
In the past 24 hours, SUI has experienced a 1.14% pullback and is currently trading at $4.37. However, the fate of SUI remains in a triangle pattern.
SUI Price Analysis
The 4-hour chart shows that SUI price action is supported by the local support trendline, which combined with the rising trendline and the convergence of the 20, 50 and 100 moving averages creates a solid demand zone for SUI.
This area helped absorb the sudden surge in supply, which led to a 1.74% drop and formed a bearish engulfing. However, the 0.80% gain in the past 4 hours suggests that a bullish reversal may occur if the market stabilizes.
The local support trendline and the long-term resistance trendline form a triangle pattern, which indicates that there is a possibility of forming a new lower high formation to challenge the local resistance.
In addition, the 4-hour RSI is still above the 50 mark, reflecting a positive trend, so the bullish rebound from the support trendline may challenge the resistance level near the psychological level of $4.50.
On the other hand, if it falls below the critical confluence of support elements, the 200 EMA line may be tested at $4.1182.
Despite the pullback in the altcoin market, the SUI network indicators are relatively optimistic. In the past 24 hours, the total number of accounts on the network has increased by 157,511, bringing the total number of accounts to 45.66 million.
In addition, the total transaction volume on the network has reached $7.84 billion, bringing the TVL to $1.75 billion.
As the network regains strength, the total number of NFTs on the SUI network has increased by 79,646 NFTs in the past 24 hours, which increases the total number of NFTs on the SUI network to 55.43 million. These indicators all highlight the resilience of the network and sustained user activity.
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