SUI Jumps 7%, Is This a Prelude to a Bigger Pump or Just a Temporary Pause?

• SUI is up over 7%, hovering around the $4 mark.
• It has gained more than 53% in the past 30 days.

The crypto market’s recent recovery attempt has brought in a green wave across the assets, with the market cap reaching $3.89 trillion. The majority of the assets have charted in green, trying to climb higher, including Bitcoin and Ethereum. The Fear and Greed Index value is holding steady at 64, reflecting greed sentiment in the market

Following the moderate bullish suit, the altcoin, SUI, registers a gain of over 7.45%. With a sustained upside correction, the price could move up, eyeing more gains. The asset traded at a low range of $3.65. As the mighty bulls step in, the price has jumped toward a high of $4.07, breaking the resistance between $3.69 and $4.01 zones

As of this writing, SUI traded within the $4.04 mark, with its market cap reaching $13.97 billion. Meanwhile, the daily trading volume has spiked by 3% to $1.76 billion. Notably, the market has witnessed a liquidation of $2.58 million worth of SUI during the last 24 hours, as reported by the Coinglass data

Can the Bulls Keep Pushing SUI Higher?

SUI’s Moving Average Convergence Divergence line is above the zero line, but the signal line is still below; it indicates the early signs of the bullish momentum returning. The MACD moving above the zero line is a potential trend reversal to the upside. Besides, the Chaikin Money Flow (CMF) indicator settled at 0.17, suggesting moderate buying pressure in the market, with the money flowing into the asset. It gives a chance of potential uptrend continuation

*SUI chart (Source: TradingView)*The upside correction of SUI might push the price to the nearby resistance at around $4.10. Assuming the bulls blast past this level, they could likely send the price toward the $4.16 zone. On the downside, assuming SUI’s uptrend exhausts, the bears might pull the price back and retest the immediate $3.98 support. Losing hold of this range could initiate a steeper correction to the former lows at $3.92

Moreover, the Bull Bear Power (BBP) reading at 0.3348 implies that the momentum seems to be in favour of bulls. SUI’s daily Relative Strength Index (RSI) value of 61.23 points to a modest bullish sentiment. There is more room on the upside before a possible pullback, with the price nearing overbought territory.

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