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Cryptos have recorded modest gains this week with&nbsp;<a href="https://coingape.com/fomc-meeting-bitcoin-price-to-slump-30-after-fed-decision/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>&nbsp;and&nbsp;<a href="https://coingape.com/markets/3-best-crypto-to-buy-today-january-31-xrp-solana-sol-shiba-inu-shib/" rel="noopener noreferrer nofollow">Solana (SOL)</a>&nbsp;making sizeable strides among other majors like Ethereum (XRP) and XRP. Although relatively new, SUI price emerged as another notable gainer, up 5.5% to $1.6.
The increase in trading volume to $480 million and the market cap holding at $1.8 billion underscore the growing interest in the token among traders. On top of the daily gain, SUI’s value has increased by a staggering 26% in the last seven days, 27% in a fortnight, and 100% in a month.
Recommended:&nbsp;<a href="https://coingape.com/markets/3-reasons-why-terra-classic-lunc-price-could-explode-to-1-in-2024/" rel="noopener noreferrer nofollow">3 Reasons Why Terra Classic (LUNC) Price Could Explode To $1 In 2024</a>
<h2 class="p1" id="can-sui-price-outperform-bitcoin-in-2024">Can SUI Price Outperform Bitcoin In 2024?</h2>
SUI price is testing resistance at $1.6 as shown by the yellow band on the daily chart below. On account of the rebound from support around $1 backed by the 20-day Exponential Moving Average (in blue), traders significantly increased exposure to long positions in the token.
This bullish outlook in a period marked by negative and uncertain market forces made SUI even more attractive to investors who believe it can continue with the price discovery.
<figure id="attachment_177778" aria-describedby="caption-attachment-177778" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-177778" src="https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54.png" alt="SUI price chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54.png 2710w, https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/SUIUSD_2024-01-31_20-15-54-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-177778" class="wp-caption-text">
 SUI price chart | Tradingview
 </figcaption>
</figure>
Insight from the Relative Strength Index (RSI) backs the bullish theory as the indicator climbs toward the overbought area.
Traders would be looking out for a break above resistance at $1.6 in the next sessions. A successful retest of this huddle could ignite another buying spree and in turn, blast SUI price to $2. Recent bullish moving average crossovers indicate a higher probability of keeping the uptrend intact.
If the above seller congestion refuses to budge, the token might settle and consolidate above the first crucial support at $1.4. In case the same level weakens and SUI pierces through, losses might return to $1 with the potential for rebounds at the 20-day EMA and the 200-day EMA.
On the other hand, Bitcoin price upholds support at $43,000 as it wobbles towards resistance at $44,000. The support highlighted at the 20-day EMA continues to back the positive technical outlook.
However, until BTC steadies above the $44,000 hurdle, a bearish could continue to hover and perhaps send the price back to $40,000.
<figure id="attachment_177777" aria-describedby="caption-attachment-177777" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-177777" src="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03.png" alt="BTC price chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03.png 2710w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/BTCUSD_2024-01-31_20-28-03-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-177777" class="wp-caption-text">
 BTC price chart | Tradingview
 </figcaption>
</figure>
If denied a breakout beyond $48,000, traders may start acclimatizing to Bitcoin price trading sideways with support at $40,000 holding firmly for the foreseeable future.
Meanwhile, dips have proven to be highly profitable. The reason why investors may want to employ a dollar-cost average (DCA) strategy ahead of the pre-<a href="https://coingape.com/halving/bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">halving</a>&nbsp;and post-halving rallies this year.
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The post <a href="https://coingape.com/markets/reasons-why-sui-price-is-up-5-while-bitcoin-price-sea-saws-above-43000/" rel="noopener noreferrer nofollow">Reasons Why SUI Price Is Up 5% While Bitcoin Price Sea Saws Above $43,000</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Reasons Why SUI Price Is Up 5% While Bitcoin Price Sea Saws Above $43,000

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