SUI proves easy asset to trade despite extreme volatility. The volatility makes altcoin investing tricky. However, this seems to work in favor for SUI. The crypto market continues to face cha
The crypto market continues to face challenges as it always does due to high volatility, leading even the smallest of market events to trigger heavy price dumps and pumps, especially for altcoins. Among the many popular assets in the space, altcoin SUI proves easy asset to trade despite extreme volatility making altcoin investing tricky. Could the pierce of SUI hit a new ATH this year?
According to CoinMarketCap analytics, the price of SUI is trading at $0.72, showing that the asset is up by over 5% in the last 24 hours and over 11% in the last 30 days. One reputed crypto trader and analyst goes on to mention how investing into altcoins can be quite tricky due to its extremely volatile nature. After all, the prices of altcoins dropped nearly 95% when the bull market ended late last year.
https://twitter.com/CryptoMichNL/status/2100223186679800217Despite this proof, he says that the opposite is true for SUI, and goes on to explain in detail why he thinks this to be true. As we can see from the post above, he begins diving into the technicals, because those are signaling the actual move is on the horizon, and that those moves usually take time. However, once they start to happen, that's when one needs to be positioned into the asset as these moves are going to be super violent.
To highlight, on the 3-Day BTC chart, it looks primed to head towards a big breakout upwards. The bullish divergence is not only visible on the 3-day chart, but also on the 1-Week and 1-Day charts. Those are higher timeframes, meaning that those breakouts are about to be happening, but could be taking weeks or even months to be playing out. Yes, that can be stressful, especially when price keeps falling while the technicals are showing up with higher lows.
He states how we've seen this price behavior prior to the breakout of Arbitrum and that one has been moving strongly in recent weeks. Additionally, it's just a few weeks away from SUI Basecamp as they'll be planning to be doing massive announcements, meaning that the ecosystem is constantly expanding. During such a time, we’ll find a strong mispricing taking place, leading us to wonder why there is more activity in the ecosystem, but no breakout to the upside when it comes to the underlying token?
To this he responds that of course, it takes a bit of time, but once it comes, it will happen quickly. The second chart is the SUI price vs. the Dollar. Similar construction as what we've seen with SUI vs. Bitcoin. Strong bullish divergences are being applied on the MACD and on the RSI. Again, those divergences are going to take time before they'll be played out, but once they do, it will be great.
Overall, these divergences can also be found on the weekly and on the daily chart. The expert thinks that the SUI ecosystem is one of the strongest ecosystems. Sure, they've had their flaws, but that's normal. It's not like anything is perfect from the start. However, this is one of the strongest teams in the entire industry and that's why the analyst thinks that accumulating this asset here is the right thing to do.
