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FxWirePro- SUIUSD (Chart of the day)

Mon, 10 Jun 2024, 02:05 am UTC

Sui is a permissionless layer 1 blockchain designed to be both developer and user-friendly. It can support a wide range of application development with unrivaled speed at low cost.

Consensus Mechanism- Delegated Proof of Stake - It is the fastest, most efficient, and most decentralized POS mechanism. It uses a reputation system and real-time voting to achieve consensus. The powers in the network have been delegated and no single party will be able to control the entire process. Every member of the network has more power and rights.

Transaction per second 297000

Time to finality - 400ms

Ichimoku Analysis (4 hour chart)

Tenken-Sen- $1.12

Kijun-Sen- $1.08

SUIUSD was one of the best performers this week.

Any daily close above $1.20 confirms further bullishness.

SUIUSD jumped nearly 20% in the past one week. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $1.1670 and is currently trading around $1.1530.

The bullish invalidation can happen if the pair closes below $0.80. On the lower side, the near-term support is $1.080. Any break below targets $0.80. Significant downtrend if it breaks $0.80.

The immediate resistance stands at around $1.260. Any breach above confirms bullish continuation. A jump to $1.50/$2.20 is possible. A surge past $2.20 will take it to $3

It is good to buy on dips around $1 with SL around $0.80 for TP of $2.20.

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