- Buyers have been trapped below the last swing high, and buying momentum has been generated at the major support level.
- The SUI Crypto trading volume has increased by 90% in the past 24 hours. It ranked 15th at the time of writing.
Based on the technical chart, the Sui (SUI) price has kept rising by taking small pullbacks since mid-2023. During this bullish trend, the buyers lifted the price to an all-time high (ATH) of $2.18 on March 27, 2024. However, they could not hold the $2 mark, and the price showed weakness.
The SUI crypto price has generated bearish momentum since April due to the larger scale of profit bookings. It has been falling by losing the last swing highs for the past few months, which demonstrates the weakness.
The cryptocurrency market has remained positive since 2023, and most altcoins have cooperated. In BTC, buyers have exhausted in Q1 2024 and have undergone a consolidation phase. During this consolidation phase, the altcoins have witnessed profit booking and the SUI crypto price has been impacted negatively.
SUI Crypto Technical Analysis Over 1-D Timeframe
The chart structure suggests that the SUI crypto price has triggered a breakout from a descending channel. After the breakout, it has attempted twice to exceed the 200-day exponential moving average (EMA) but couldn’t. Moreover, the price has dropped below the last swing low and trapped buyers at pullback.
Suppose the digital asset price surpasses the 200-day EMA; buying momentum can be initiated. Investors may show interest if the Sui price overcomes the psychological level of $1. An increase in volume may support the bullish momentum, and the price may extend to an ATH.
Suppose the digital asset price surpasses the 200-day EMA; buying momentum can be initiated. If the price overcomes the psychological level of $1, investors may show interest. An increase in volume may support the bullish momentum, and the price may extend to an ATH.
On the other hand, if the SUI crypto price slips below the major support level of $0.750, the SUI sellers may dominate. The price below the $0.600 hurdle would witness a fake breakout, which may result in a sharp selling.
When writing, the Sui token was being traded at $0.840, which has remained neutral in the past 24 hours. SUI’s market capitalization was $2.25 Billion, and the 24-hour trading volume was $426.06 million.
SUI Crypto Price Forecast Based on Technical Indicators
The Sui crypto price surpassed the 20-day EMA and was heading toward the 200-day EMA at the time of writing. The RSI has generated a bullish crossover with the RSI-based moving average. That showcases the bullish forecast. Most of the technical indicators are favoring the bullish forecast.
Can SUI Price Extend to $5 Mark Soon?
Alex Clay (@cryptclay) tweeted that the SUI crypto could be one of the best performers. On a weekly time frame, the SUI price has been rising by forming higher highs and higher lows. However, this gain is slow but continuous, and it was in the higher low territory at press time.
#SUI/USDT $SUI is on my Top 5 list🏆 This L1 will smash this cycle💥
— Alex Clay (@cryptclay) September 5, 2024
Currently accumulating between Key Support Zone & Mid-Zone👀 Which is only a part of a bigger accumulation!
🎯Mid-Term Target – 1.8$
🎯Long-Term Target – 3.3$
🎯Long-Term Target – 5$
Imo these ones are… pic.twitter.com/yAIftq7ukO
SUI token’s price was accumulating between the key support zone and mid-zone, which is only a part of the bigger accumulation. During the bullish momentum, the mid-term target could be $1.80. For the long-term, it could be $3.3 and $5. However, it has the potential for a two-digit target.
SUI Crypto Price Analysis and Forecast
SUI crypto price has witnessed buying pressure from the first week of August. The bearish trend has interrupted near the $0.500 hurdle and exceeded the 20-day EMA. The price has triggered a breakout from a descending channel and performed a retest.
In the short term, the bullish trend is getting disturbed near the psychological level of $1. If the buyers manage to overcome this mark, buying momentum for a longer time can be anticipated.
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.
