- Sui price fell 25% in the last 2 weeks.
- Trading volume has surged by 100% in the last 24 hours.
Sui price has been taking support on the major support level of $1 since the beginning of 2023. Currently, the price is approaching the primary support level. The price lost around 50% last month, showing the sellers’ involvement.
The price fell to the significant support level during the recent fall and bounced back to the 20-day exponential moving average. Sui crypto price retested the 20-day EMA and melted back to the major support level.
Since October 2023, buyers have taken over the trend and lifted the Sui price to an all-time high last March. The asset price faced resistance from the $2 and showed weakness.
The price attempted to exceed the previous swing high and triggered a breakout but failed to sustain. At this level, investors preferred to book profits, which resulted in a good fall.
RSI is 33 and heading for the oversold zone. A death crossover has been generated between the RSI and the RSI-based moving average. The MACD and Signal lines run constantly below the Zero line, and the histogram is red. Overall, the technical indicators demonstrate a negative forecast.
Strong Jump in Development Activity Detected
According to the given data, the development activity surged by more than 100% in the mid-April. The exciting thing is that it is sustained and running constantly.
However, the active X users have remained constant throughout April. If the positive activity on X increases about the SUI crypto; it may positively impact the price.
Will SUI Price Extend to the $2 Mark by This Month?
The technical chart displays that the Sui price has slipped below the 200-day EMA but is still over the significant support level. In mid-April, the price dropped to the primary support level of $1. Buyers tried again to dominate, but sellers dragged down the price to the same level, indicating the sellers’ grip.
Suppose the Sui coin price slips below the $1 mark and sustains. Sellers may become confident and lead the trend to the $0.75 mark in a few days. If the asset price fails to defend the $0.75, then a bearish trend in the long term can be seen.
On the other hand, buyers may see an all-time high if the price takes support at the major support level of $1 and manages to surpass the 200-day EMA. If this buying momentum is supported by the trading volume, a bullish trend for the long term can be expected.
At press time, the Sui price traded at $1.09, down by 1.83% in the past 24 hours. The market capitalization is $2.55 Billion, and the 24-hour trading volume is $323.70 Million. The circulating supply is 2,339,196,966 SUI, and the total supply is 10,000,000,000 SUI.
Conclusion
Based on the technical analysis and development activity, the SUI crypto price is currently at a crucial level. If the price holds onto the significant support level of $1 and rises above the 200-day EMA, we may see a bullish trend in the long term.
However, a bearish trend may be expected if the price falls below the major support level and fails to defend it. It is essential to monitor the trading volume and the social activity on X to determine the market sentiment.
Technical Levels
Resistance Levels: $1.50 & $2.00
Support Levels: $1.00 & $0.75
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.