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ARB and SUI prices are soaring following the approval of Bitcoin ETF applications and the sharp rise in Ethereum. Here is a price analysis of ARB and SUI!
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Yesterday, an important news came that had a major impact on the cryptocurrency markets. The announcement by the SEC announced the approval of the Spot Bitcoin ETF. This news caused sharp rises in Ethereum and many altcoins. However, the most striking names of this rapid rise were the Sui and ARB coins.
Despite the sharp rises we saw in major coins in previous days, ARB and SUI coins seemed to be a bit behind. However, the rapid rise trend experienced in recent days pushed these two to make a major leap to catch up with other major coins. ARB and SUI, which attract attention with their potential to deliver strong blows to the bull market, seem to have the potential to exhibit impressive performance in the long-term process ahead.
ARB Price Analysis! Will the Rally Continue? (ARB and SUI)
After the descending wedge formation in ARB was broken, we were expecting an uptrend to $2.12. After rising to this area, it completed the retest movement to the target of the cup and handle formation and started a downward trend again. In this rise, the approval of the Spot Bitcoin ETF yesterday and the sharp rise in Ethereum continued the rise in ARB and broke the $2.12 resistance upward.
If it continues to find support above this area and maintains its positivity in the market, it can continue the upward trend up to $3.92. When it loses the $2.12 support, it can fall to $1.69 at the intermediate support point and then to $1.4988. If the market becomes very negative, ARB may fall to the $1.20 support level during this correction period.
SUI Price Analysis! Will the Rally Continue?
When we evaluate the last period in SUI it was observed that selling pressure was effective due to the lock-ups held every month. However, after entering a falling channel structure, it completed the bottom formation in the $0.37 region. After breaking the resistance above $0.44, it formed a solid upward trend. With the positive news that came in recent days, the fact that the lock-ups will end in 2 months has greatly reduced seller pressure. Despite the sales wave that occurs every 3rd of the month, it is observed that investors do not sell their lock-up assets in Sui along with the rise in the market.
Despite the fluctuations in Bitcoin and the general market, there is a general positive atmosphere despite the fluctuations in Sui prices. It is currently exhibiting a rising structure towards the $1.07 resistance. With the breaking of this resistance, it is foreseen that the price of Sui could rise to $1.24 first and then to $2.30.
However, in the scenario where the general cryptocurrency market enters a correction, it is thought that Sui could retreat to the $0.92 level. In case the correction hardens, the $0.73 and $0.60 support levels stand out as important support points.