SUI Price In Pullback Zone: Would It Be Able To Increase By 40%?

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  • SUI price has formed a bullish candlestick on 20-day EMA hints bounce back.
  • The 24-hour trading volume has surged by 51.69% to $2.53 billion.
  • Sui price recorded a new ATH of $4.9577 on December 16.

Sui’s (SUI) price has been bullish for the past few months and has surpassed the $4 mark. It has surged by 500% since September and recorded a new all-time high (ATH). However, the SUI price has declined 11.47% from its ATH, demonstrating short-term profit booking.

The Sui crypto has been rising by forming higher highs and higher lows. The price has recently dropped and melted to the 20-day EMA.

Furthermore, the token has formed a hammer candlestick on the 20-day EMA. According to the price action, a bullish momentum can be analyzed after a pullback.

Sui Crypto Dominating Rest of Altcoins

JoshuaOrhue.sui, a crypto analyst, has portrayed the performance of a few best-performing coins. This graph demonstrates that the Sui crypto has emerged as this year’s best performer. It has surpassed Ethereum and Solana in terms of gains.

Altcoins Performance
Altcoins Performance | Source: X

Analysts expect the same energy in 2025 by analyzing this potential in SUI. The SUI price is expected to hit the $6 mark in January 2025.

Sui Price Overview and Technical Analysis

Sui coin price was trading at $4.35 at press time, which has increased by 0.64% in the past 24 hours. Its market capitalization was $12.77 Billion, ranking it 15th in the cryptocurrency market.

Based on the technical chart, the price has been bullish and wandered near ATH. It stayed in the pullback zone and has formed a hammer candlestick pattern.

BINANCE: SUI/USD 1-D Chart
BINANCE: SUI/USD 1-D Chart | Source: TradingView

Suppose the SUI price defends the 20-day EMA; it could invite buyers. Buying pressure on the 20-day EMA could lead to a bullish trend, and a new ATH could be recorded soon.

Once the price surpasses the last swing high, buyers may eye for a 40% return. Furthermore, it may climb to the $6 mark till January 2024. On the other hand, if the digital asset price loses the 20-day EMA, it could be a bearish signal.

A profit booking scenario could be generated if the price is sustained below the 290-day EMA. Massive selling pressure could be received once the price starts trading below the significant support level of $3.

SUI Price Analysis and Forecast Based on Price Action

Sui crypto has demonstrated significant bullish momentum recently. That was marked by its impressive 500% rise since September, reaching a new all-time high of $4.9577.

The current price pullback to the 20-day EMA and the formation of a hammer candlestick suggested a potential rebound. With this, analysts are optimistic about the coin’s future performance.

If the SUI price can maintain its position above the 20-day EMA, it could attract buyers and achieve a 40% increase. This could aim for the $6 mark by January 2024.

However, caution is warranted, as a drop below the 20-day EMA could signal bearish trends and increased selling pressure. Overall, SUI’s strong market performance positions it as a prominent contender in the cryptocurrency space.

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.

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