Summary
- NebraskanGooner analyst stated that the bullish outlook for Sui (SUI) has strengthened as it recovered the GoonerEMA support line on the weekly chart.
- The expectation of spot ETF approval for Sui and the provision of global ETPs are seen as positive investment signals.
- Currently, Sui is trading at $3.55 on the Binance USDT market, but there is potential for further rise if the support line is maintained.
An analysis suggests that Sui (SUI) could reach its all-time high (ATH) again.
According to Cointelegraph on the 29th (local time), NebraskanGooner, a cryptocurrency analyst, stated, "Sui has recovered the GoonerEMA support line on the weekly chart," adding, "The bullish outlook for Sui is strengthening." The GoonerEMA is an indicator using the 11-day and 22-day Exponential Moving Averages (EMA), interpreted as a bullish signal when the price breaks above it.
Furthermore, he mentioned, "If the Sui price does not break below this support line, it could rise by about 40%," and "depending on market sentiment, it could also reach a new all-time high." The media added, "The expectation of Sui spot ETF approval supports this outlook," noting that Nasdaq had previously submitted an ETF application to the U.S. Securities and Exchange Commission (SEC). Additionally, "21Shares already offers a Sui ETP in Europe," and "the total Assets Under Management (AUM) of global Sui ETPs is approaching $317.2 million."
As of 12:10 PM, Sui is trading at $3.55, down 2.50% from 24 hours ago, according to Binance USDT market.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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