Key Takeaways
- Nasdaq’s 19b-4 filing to list the 21Shares U.S. Spot SUI ETF has helped stabilize SUI’s price above $3.
- SUI broke out of a descending channel, flipped $3.55 into support, and formed a bullish EMA crossover.
- The CMF and Supertrend indicators show intense buying pressure, suggesting SUI could break above $4.51.
SUI price has held firmly above the $3 mark since briefly dipping below it last Friday.
The price stability follows Nasdaq’s submission of a 19b-4 filing, officially initiating the review process for the proposed 21Shares U.S. Spot SUI exchange-traded fund (ETF), which boosts institutional interest in the cryptocurrency.
The SUI coin price hovers around $3.50 at press time, representing a 7.89% gain over the past week. This rebound starkly contrasts its performance throughout May, when the token’s value plummeted nearly 30%.
However, as June progresses, changing sentiment suggests SUI may avoid repeating last month’s downtrend.
What Led to SUI Breakout
On Tuesday, June 10, the Sui Foundation confirmed that Nasdaq had filed a proposal with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF.
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Although still in the early stages of the review process, the proposed exchange-traded fund would offer investors exposure to SUI without requiring direct ownership of the cryptocurrency
“The move follows 21Shares’ April S-1 registration filing and reflects a deepening institutional embrace of the Sui ecosystem. Together, these filings aim to bring a Sui ETF to U.S. markets,” The project explained .
Following the announcement, the daily chart shows that SUI’s price broke out of a descending channel. In the process, it broke the resistance at $3.55 while holding support at $2.92.
Crossover Lifts Sentiment
Apart from that, CCN identified a bullish crossover forming on SUI’s 4-hour chart. This occurs when the shorter-term Exponential Moving Average (EMA) moves above the longer-term EMA, indicating upward momentum.
Specifically, the MACD shows the 12 EMA (blue) crossing above the 26 EMA (orange). This setup triggered an 85% rally in SUI’s price in April.
If the current trend and market behavior mirror past performance, the SUI coin price could be ready for a similar upside.
Interestingly, several crypto analysts appear to support this bullish outlook. For instance, crypto trader and YouTuber MANDO CT has expressed confidence in SUI’s long-term potential, citing its strong fundamentals as a key driver that could propel the token’s price higher over time.
“At its current levels, SUI is a strong hold. Beyond the chart, this is a quality ecosystem that’s buzzing with development – so many exciting projects are actively building on it. My strong conviction is that SUI has significant room to rise,” The analyst noted .
SUI Price Analysis: Higher
A look at the 4-hour chart shows that the Chaikin Money Flow (CMF) reading is above the zero signal line. The rise in the CMF indicates that accumulation (buying pressure) has outpaced distribution (selling pressure).
This could help SUI’s price break the resistance at $3.98 if sustained. In addition, the green segment of the Supertrend indicator sits below the altcoin, indicating support for the recent uptrend.
As long as the red line of the Supertrend does not rise above SUI, then an extended rally is likely. In this scenario, the SUI coin price could surpass the roadblock at $4.51 at the 0.236 Fibonacci level.
If successful, this could send the cryptocurrency above $5. On the contrary, if buying pressure weakens, the CMF could dip below zero, a sign of declining capital inflow.
In that scenario, SUI risks falling below the lower boundary of the falling channel on the daily chart.
A breakdown from this structure could push the price below the key $3.11 support level. If that support fails to hold, SUI may retrace further toward $2.50
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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