- SUI Price Prediction suggests a rise and long term outlook remains bullish.
- The token price defends the $1.00 support and consolidates in range.
- SUI Price showing signs of long term base formation.
SUI Price Prediction suggests a rise and the long-term outlook also seems bullish. It attracted many investors after getting listed on reliable exchanges. It got huge participation from investors and prices gained positive momentum.
Initially SUI Price performed well and hit a high at $1.7000. But buyers are unable to hold the higher levels and short term profit booking is visible. SUI Price dropped below the important support of $1.200 which hurted the sentiment of investors and invites further decline.
However, the SUI Price approaching the demand zone and responsive buyers will try the best to defend the $1.00 support. SUI Price is trading at $1.0832 with a decline of -0.58%. The 24 hour volume to market cap ratio is 0.2757.
At the beginning of May month, SUI token rewarded the short term traders and created a positive hope for more upward momentum. However, the momentum halted near $1.400 and prices entered consolidation. Sadly, it broke down the lower range of $1.200 which invites the decline and eroded the majority portion of gains.
The downfall halted near $1.00 and formed a bullish hammer candle. Later, prices showed minor recovery but it lacked the momentum and entered a new consolidation range between $1.000 to $1.2500.
Will SUI Price perform in the coming months?
SUI Price tried multiple times to break the higher range but got rejected shows sellers are still active on higher levels. It will begin the next phase of rally when buyers succeed to break the $1.400 hurdle. Till then it is expected to remain in consolidation.
However, if the prices continue to consolidate for a few months then it can be interpreted as a long term base formation. On the other hand, if the price drops below the $1.00 then it may raise concern for the long term investors. Moreover, The chart structure will also turn bearish and sellers’ dominance will be visible.
The technical analysis suggests, SUI Price has witnessed minor profit booking but taken support near to the demand zone. Therefore, till it sustains $1.00 the downside seems to be limited.
SUI token Price is trending
SUI token Price forming a hammer candle on a daily time frame shows buyers are trying to bring back the confidence of investors. However, the trading volume in the last 24 hours declined by 43% indicates less participants are active and prices likely to consolidate.
SUI Token is trending in the past few weeks, due to that speculative moves might be visible in coming months and volatility may increase. The technical indicators like MACD curve is reversing upward and on the way to generate a positive crossover. It indicates mild bullishness and prices might again try to test the $1.2500 level. The RSI at 51 denotes neutral territory and equal level of tug of war between buyers and sellers.
Conclusion
SUI Price Prediction suggests a rise in the long term till it sustains above $1.00. Initially, SUI token performed well but faced hurdle at $1.7000 and short term profit booking is visible. However, the price is near to the demand zone and downside seems to be limited.
Technical levels
Resistance levels : $1.2400 and $1.3800
Support levels : $1.000 and $0.9000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.