Sui price analysis demonstrates a consolidation of the price over the daily chart. The intensity of the consolidation has been over 17 days and is in the 9.2% range. The SUI crypto price currently hovering between the upper and lower range of the consolidation and is unable to decide the further trend.
The SUI daily chart shows that the price trend favored the bears and has been in a long-term declining trend. The daily chart witnesses the formation of a descending channel pattern. The SUI price kept rolling within the boundaries of the pattern and declined.
The technical indicators suggest that the Sui price fell below the 50-day and 200-day EMAs indicating bearishness on the SUI price chart. The 50-day EMA acted as a dynamic resistance to the price and pushed the price down after every attempt to surge.
Sui initially used Tusk and Narwhal as the default consensus algorithms but switched to Bullshark as the main option in August 2022. The reason for the change was to improve the speed of transactions and to make sure that validators with lower computing power could still participate in the project.
Sui Price Suffered Rejection From 50-Day EMA
The Sui price is currently trading at $0.442 with an intraday gain of 0.09%. The crypto price prediction states that it might be accumulating the buyers at the lower level which might be confirmed if the price shows a breakout in the coming sessions. Moreover, the breakdown of the consolidation might take the price to lower levels.
The overall crypto market has shown optimistic trends in recent sessions. Hence, the SUI also might show gains if breaks out. Also, the volume analysis shows that the crypto has received $40.69 Million in the past 24 hours. The volume is down by 55% from the last day. The volume-to-market cap ratio of the SUI crypto is 11.58 indicating a mild volatility.
Technical Indicators Show Optimistic Signals for SUI
MACD lines are showing a positive crossover. The histogram bars are also being formed above the mean line of constant height, indicating an indecisive trend at the moment. The EMA analysis shows that the SUI price trades below the 50-day and 200-day EMA indicating a bearishness prevailing in the long term as well as short term.
Conclusion
Sui price is consolidating in a narrow range on the daily chart, with a bearish long-term trend. The price is below the 50-day and 200-day EMAs, which act as resistance. The price may break out or break down from the consolidation, depending on the market sentiment. Sui changed its consensus algorithm to Bullshark in August 2022 to improve transaction speed and participation. The current price is $0.442 with a slight gain. The volume is low, indicating mild volatility.
Technical Levels
- Support Levels: $0.42 and $0.402.
- Resistance Levels: $0.466 and $0.51.
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 or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/26/sui-price-prediction-2023-are-bulls-accumulating-at-the-lows/