- SUI price prediction unwinds the correction phase of the SUI token
- The SUI crypto price recorded a new high at $2.00
- The token price has made a correction of 68% from its all-time high
SUI’s price prediction unwinds the correction phase of the SUI token, which succeeded in the formation of a new all-time high at $2.00. The SUI crypto made its debut on the exchange on May 3, 2023. The price saw a pump of close to 1900% from its introductory price of $0.0995. The market has been in the distribution phase since then, and the prices are sliding down. The main reason for the decline is profit booking for early investors.
At the time of writing, the current market price of SUI is $0.6309. The 24-hour trading volume dipped 44%. The market is down 0.22% in the last 24 hours. The overall market cap of SUI is $412,998,379.
Can SUI Coin Rebound from its Current Level?
SUI’s (SUI) price prediction highlights the sliding prices of the SUI token, which is causing panic amongst the new players in the market. The price witnessed a 72% correction from its all-time high to a newly formed support level of $0.5217. The bulls accumulated the SUI token at this level, creating a positive reaction to the price.
The market made a decent recovery of almost 68%, testing the resistance level of $0.8379. The sellers pushed the price down by 27%, where the market floats on a local support level of $0.6321. The SUI coin price is showing signs of weakness as it is unable to sustain its recovery.
Can SUI Hold its Key Support Zone?
Analyzing the 4-hour chart indicates the price has lost momentum and is consolidating in a range. The market consists of investors who bought at higher prices and are worried due to the lack of a positive recovery. Since the SUI token is relatively new, the market lacks past data.
This may further limit the accuracy of technical analysis, which makes it difficult to predict the direction of the market in the long term. At present, the SUI coin price looks bearish as the sellers keep the price below the 200 EMA. The diminishing volume suggests that investors are losing interest as the market slides.
RSI
The RSI indicator is currently at 32.36. It represents strong bearish conditions where the price may continue to fall until the RSI crosses 50. Aggressive selling may happen only if RSI goes below 30
MACD
MACD made a bearish crossover and the indicator is below the 0 line. This represents a strong downtrend and the price can decline further Until the MACD makes a bullish crossover
200 EMA
On the 4-hour chart, the price is below the 200 EMA. This means that the market is bearish with the control of the b sellers. The 200 EMA acts as a dynamic resistance, and the price may decrease until it exceeds the 200 EMA.
Conclusion
SUI’s price prediction unwinds the correction phase of the SUI token, which succeeded in the formation of a new all-time high at $2.00. The current scenario suggests that the market is bearish and may decline further. There are no signs of reversal. Also, the lack of data makes the technical analysis less accurate, and investors should factor in the fundamentals before making investment decisions. The SUI crypto price is highly volatile, and it requires proper risk management to deal with this crypto asset.
Technical Levels
- Support Level: The nearest support level is $1.31
- Resistance Level: The nearest resistance level is $1.36
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.