TradeCityPro | analyzing SUI as Bitcoin Dominance Declines
2024-11-21

👋 Welcome to the TradeCityPro Channel! 
Today, I’m analyzing the popular SUI coin for you. SUI, a prominent Layer-1 blockchain in the market, has gained significant attention from investors in recent months. With an influx of capital into its network, the SUI coin’s price has experienced notable growth.

👑 Currently, Bitcoin continues its upward trend, marking a new all-time high (ATH) at $98,380. However, Bitcoin dominance has started to decline after a fake breakout of 61.32, leading to corrections. As a result, while Bitcoin consolidates, altcoins have begun to move.

⚡️ For instance, Ethereum has climbed 9%. If Bitcoin dominance continues its downward trend, we may expect a short-term altcoin season. Should the decline persist, Bitcoin dominance could retest its ascending trendline.

🔽 Key downward targets are 59.56 and 58.64. If dominance reaches these levels while Bitcoin prices rise, we could witness significant rallies in altcoins.



 📅 Weekly Timeframe: Pullback to $1.786 and Movement Toward New Targets 
In the weekly timeframe, you can observe that buying volume entered SUI around July, when it hit a low at $0.5694. This buying pressure has driven the price upward, helping SUI achieve a new ATH.

🚀 Currently, after breaking the previous ATH at $1.786 and pulling back to this level (which aligns with the monthly R1 pivot), the price surged to R3, setting a new high at $3.70. If this bullish momentum persists, the next pivot-based target will be $4.75.

✅ Moreover, SUI features a parabolic trendline that has reacted twice so far. While this diminishes its reliability, a third interaction would validate its importance.

🌱 The RSI oscillator, after two consecutive candles closed in the overbought zone, has started correcting and is now testing the 70 level. As long as the RSI remains above 70, further upward movement is expected.



 📅 Daily Timeframe: Beginning of a Correction? 
In the daily timeframe, SUI has had two bullish legs so far: the first from $1.00 to $2.1368, and the second from $2.1368 to $3.8111. At the peak of each leg, RSI reached 84, followed by corrections. The first correction was time-based, and the second is likely to follow a similar pattern.

📊 Currently, with RSI dropping below 70, a correction may have begun. However, if RSI re-enters the overbought zone, another bullish leg could occur. Using the yearly pivot and Fibonacci levels, targets for the next leg are $4.74, $6.40, and $9.17.

📈 If you purchased SUI after breaking resistances at $1.00 or $2.1368, I recommend securing your initial investment if your profit exceeds 100%, while holding onto the gains. Otherwise, wait for a trend reversal before taking further action.

🧩 As the market enters a corrective phase, buying volume is naturally declining, which actually supports the continuation of the bullish trend. If the price corrects further and RSI drops, the 50 level on the RSI will be crucial.



 📅 4-Hour Timeframe: Futures Triggers 
In the 4-hour timeframe, I’ll outline the key futures triggers based on my analysis.

🔍 After reaching the $3.8814 zone, as noted in the daily analysis, the price entered a correction phase, dropping to $3.4295. If you’re holding a long position from the breakout at $2.3649, I suggest taking profits if the price stabilizes below $3.4295. The next support zone lies between $2.80 and $3.00, which aligns with the Fibonacci golden zone and is likely to halt further declines.

🔴 If the correction continues, the next critical level is the trendline visible in the daily timeframe.

📈 Should buying volume return and RSI holds above 40.91, the breakout of $3.8814 becomes a reliable trigger for futures trading, with the first target at $4.7422.

 💎  SUI/BTC Pair Analysis 
The SUI/BTC chart mirrors the USDT pair, showing an upward trend but struggling with significant resistance. Today’s green daily candle highlights Bitcoin dominance’s impact on altcoins.

Currently, the pair is testing resistance at 0.00003820, with another resistance zone at 0.00004202 nearby. If both levels are broken, the price could climb to 0.00005130.



 📝 Final Thoughts 

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️