- The 24-hour trading volume has dropped by 34.29% to $994.63 Million.
- SUI price has formed a strong bullish candlestick in the pullback zone.
Sui’s (SUI) price has been bullish since July. It has gained 330% till press time and has touched the $4 territory amid this bull run.
In October, the Sui crypto performed an accumulation phase and witnessed a massive bullish trend. However, the token’s price has shown mild weakness near this zone and has lost 15%.
The SUI price stayed in a pullback zone at press time and showed a bullish sign. It has formed a strong bullish candlestick in the pullback zone, which could lead to a bullish trend.
Could the SUI Price Record New ATH Post a Pullback?
The Sui crypto was trading at $3.40 at press time. The token has dropped by 1.40% in an intraday session. The market capitalization was $9.66 Billion, and the 24-hour trading volume was $981.92 Million.
The SUI coin price has declined slightly and has defended the 20-day EMA. Defending this EMA could be a bullish signal, leading to another bullish rally.
Suppose the price gains momentum in this hurdle; bullish momentum can be seen. A small spike in this zone could record a new ATH.
Strong buying momentum can be seen once the price surpasses the last swing high. Bulls may see the $10 mark if the trading volume supports this momentum.
Alternatively, if the price loses the 20-day EMA, sellers may dominate. Profit booking can be anticipated if the SUI price stabilizes below the 20-day EMA.
Profit booking at this time could lead to a bearish trend. According to the technical indicators, the SUI price has managed to defend the 20-day EMA, which indicates a bullish forecast.
However, the MACD has generated a bearish crossover with the Signal line. The histograms have flipped to red, indicating a bearish forecast. Overall, the further momentum is uncertain.
Analysts Expect Immediate Gain of 50% in SUI Price Ahead
CryptoBullet, a crypto analyst, believes the SUI price has upside potential. He claimed that the price can’t keep surging in a single direction for longer. It needs a small correction before a bullish momentum.
The Sui crypto has triggered a healthy pullback, which has the potential to lift the price further. The price could rise to $4.70 and $5.2 if the pullback is successful.
SUI Price Analysis and Forecast
The Sui crypto has exhibited a mixed outlook following a robust bullish trend. The token has seen significant gains over the past few months.
The formation of a strong bullish candlestick in the pullback zone suggested the potential for an upward movement. The slight price decline and the bearish crossover indicated by the MACD have signaled caution against overconfidence.
The ability of SUI to maintain its positioning above the 20-day EMA will be crucial. Defending this level could lay the groundwork for a renewed bullish rally toward the $10 mark. Conversely, failure to hold this support may lead to a bearish trend and potential profit booking by traders.
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.
