SUI price prediction for 2024 favors the bulls and suggests SUI crypto may generate decent returns for its long term investors. The crypto price is on the recovery phase and slowly buyers are trying to reverse the trend in upward direction.
Sui price took support near to $0.3634 and showed a minor bounce. The up move is supported by a high buying volume so it seems like downfall has halted and time for reversal has arrived.
While recovering SUI price managed to climb above the 50 day EMA. It shows that bulls are returning back to track and the short term trend has reversed.
Recently, SUI price succeeded to break the $0.5000 hurdle which triggered the positive sentiment and fueled the rally. It hit a swing high at $0.6600 and witnessed minor profit booking.
However, the buyers are active near to the 50 day EMA so prices are likely to bounce back again. Meanwhile, the buying volume is on rise and prices also followed the same direction. It indicates big players are injecting the money and expecting an outperformance.
At the time of writing, SUI price is trading at $0.5515 with an intraday rise of 0.90%. The 24 hour volume to market cap ratio is 17.11%.
SUI Price Analysis: Is the Correction Over in Sui?
SUI price prediction shows bulls will lead the rally and may hit new swing highs in the coming months. Buyers succeed to break the chain of lower low swings indicating that correction is over. So, investors must look to accumulate SUI near $0.5000 level.
On the higher side, $0.6601 is acting as a barrier for the bulls. If the momentum continues and buyers succeed to take out the $0.6601 level, then a 20% to 30% rise is likely.
On the other hand, if price faces rejection, then bears try to pull it down to previous lows. The analysis suggests that, till SUI price holds $0.5000 level the probability of the breakout will remain high.
Sui Cryptocurrency Price Rose for Three Consecutive Weeks
Sui cryptocurrency prices rose for three consecutive weeks in a bullish reversal pattern. Meanwhile, the overall crypto market is performing well which also positively impacted SUI price in the short run.
The MACD curve is reversing down and displaying a negative crossover. The RSI at 52 cooling off from the overbought territory indicating prices may consolidate some time near the neutral zone. Whereas, the supertrend says till Sui crypto price sustains above $0.4547, the trend will remain upward.
Conclusion
SUI price prediction for 2024 favors the bulls and suggests new highs are possible. The correction seems to have halted and prices began to recover by forming higher high candles. The analysis suggests, till SUI crypto price holds $0.5000 level, the buyers will remain active and the $1.00 mark is achievable.
Technical levels
- Resistance levels: $0.6601 and $0.8894
- Support levels: $0.5040 and $0.3634
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2023/11/19/sui-price-prediction-2024-is-1-00-mark-achievable-in-sui/