Sui surprise rally
Sui rallies as Btc price rose from going below 50k and price increased to 60k.
Sui’s price increased after news about Sui’s partnership with Space and Time to empower developers building secure dapps. Grayscale announced the launch of Grayscale Sui trust which is a fund for institutions and eligible individuals.
Sui also has an upcoming crypto conference in Asia and this might be the reason why the price is rising since the Asian markets such as South Africa are known to pump the prices of cryptocurrencies during such conferences.
%20Sui%20(@SuiNetwork)
Sui announced on Aug 7th about Grayscale launching a Sui fund and this is one of the reasons why Sui price surged.
%20Sui%20(@SuiNetwork)
Sui also announced just 2 hours ago about how Deep book helps cement Sui as the leading chain for Defi. This is also bullish news for Sui and one can see from Sui post that the team is working hard behind the scenes to buildl Sui and grow in the crypto space.
Sui currently due to bullish news on their X account and the partnership with Space and Time is very bullish and has led to the increase in price but Sui price breaking above the cloud has made Sui very bullish on the 4 hour timeframe and especially price breaking above the cloud,the lagging span above the cloud, future cloud being green and the conversion line is above the base line are very bullish indicators for Sui pumping.
On the 1 day timeframe the price is close to breaking above the cloud and rising possibly to 1.5000 and above. If Sui continues to pump on the 4 hour timeframe this could lead to a break out above the cloud and the next candlestick that forms tomorrow if it closes above the cloud on the 1 day timeframe.
The 1 week timeframe on the other hand looks very bearish looking at the the conversion line which is below the base line, the lagging span has crossed the price to the downside and also the price is below the cloud. Price will have to cross above the cloud which might take some months to do so and therefore until the conversion crosses above the base line below the cloud which is a weak buy signal and the price crosses above the cloud the price of Sui will continue to remain bearish on the 1 week timeframe.