CandleFocus

Is SUI The Next Big Crypto Breakout Of 2024?

The article discusses the recent growth of the cryptocurrency SUI, which broke through the $1 resistance level and skyrocketed by 120%. However, the rapid gains have led to concerns of a possible pullback or retracement in the price. The author suggests that a new support level for SUI could be found between $1.90 and $1.98, known as the golden ratio on the Fibonacci retracement scale. Moving averages also align with this potential support level, reinforcing the idea of its strength. Some traders have raised concerns about SUI being in overbought territory and forming a bearish divergence pattern, but the author notes that SUI has shown similar behavior in the past and still managed to push higher. The strategy recommended moving forward is Dollar Cost Averaging, where small amounts of SUI are bought over time to average the purchase price and reduce volatility impact. The article concludes by reminding readers to trade responsibly and use stop-loss orders to protect their investments.

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