With Bitcoin maintaining its position above the $30,000 threshold, we delve into the chart analysis of the altcoins Arbitrum (ARB) and Sui (SUI).
Arbitrum
Owing to the BTC bullish trend, Arbitrum managed to break through the psychological level of $1 and consolidate above it. It's currently fluctuating between a resistance level of $1.24 and a support zone spanning from $1.05 to $1.11. Further resistance, represented by a concentration of sell orders, can be found within the $1.31-$1.44 range.
In contrast, buyers have positioned their orders around the significant $1 mark. If this level fails to hold the price, we could potentially see a drop to the $0.91 to $0.97 zone, possibly setting a new local low.
No significant changes have occurred in Bitcoin's situation compared to yesterday's analysis.
ARB chart on the H4 timeframe
Sui (SUI)
SUI continues its downward trend. After setting a local high at $0.89, the asset reversed and started declining again, currently nearing the support benchmark of $0.6225. The subsequent zone populated with buyers' orders falls within the $0.51-$0.57 range.
Sellers have placed their orders within the $0.72-$0.75 and $0.85-$0.91 zones. The overall trend will persist as bearish until the SUI price establishes itself above the $1 mark.
Interestingly, evidence surfaced yesterday indicating that the SUI team is allegedly using 3 billion locked tokens, and offloading 60 million SUI each month. This has resulted in approximately a 20% monthly inflation rate of the token. Consequently, it's logical to anticipate further slumps in SUI's price and an update of its lows. However, today, the team issued a statement refuting these claims.
SUI chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
