Sui (SUI) is making a powerful technical case for a 100% worth rally within the coming weeks, helped additional by a slew of optimistic updates, such because the current Nasdaq ETF submitting with the US Securities and Trade Fee (SEC).
Gooner EMA assist raises 40% SUI bounce potential
As of Might 28, SUI has reclaimed the “Gooner EMA” as assist on the weekly chart.
Gooner EMA is a technical indicator created by dealer NebraskanGooner that makes use of the 11- and 22-period exponential shifting averages (EMA). When the worth crosses above the EMA vary, it typically results in additional beneficial properties.
When the worth closes beneath the EMA vary, it tends to observe deeper losses.
SUI misplaced this assist, roughly between $3.34 and $3.59, final week after a $200 million exploit hit Cetus, a decentralized change constructed on the Sui blockchain.
Associated: Sui validators vote on $162M Cetus restoration plan to revive person funds
Now that SUI has reclaimed the zone, bullish sentiment is returning, in accordance with NebraskanGooner.
He wrote:
“So long as it will possibly maintain Gooner EMA assist, it will possibly retest ATHs. Relying on market situations — it even has an opportunity for a brand new ATH.”
SUI’s present report excessive is round $5.36, roughly 40% above the present costs.
Fibonacci retracement ranges and SUI’s prevailing ascending channel setup venture $7.56 as the brand new record-high goal, up over 100% from the present ranges.
Nasdaq recordsdata for SUI ETF
NebraskanGooner’s bullish outlook for SUI seems virtually every week after Nasdaq’s SUI ETF utility with the US Securities and Trade Fee (SEC).
21Shares already affords a Sui exchange-traded product (ETP) in Europe, listed on each Euronext Paris and Euronext Amsterdam. Since its launch in July final 12 months, SUI’s worth has surged by over 350%.
These listings have additionally helped increase complete property beneath administration (AUM) in SUI-based ETPs to $317.2 million, in accordance with a Might 26 report from CoinShares.
Between Might 16 and Might 24 alone, SUI merchandise attracted $2.9 million in inflows, rating simply behind Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP) by way of web property.
The regulatory approval for Nasdaq’s SUI ETF stays unsure, akin to most crypto ETF purposes.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.
