SUI price prediction suggests that the Sui crypto is presently moving on an uptrend after breaking out of the bear’s grip. The price is trading beyond the major EMAs on the daily timeframe. The volume is seeing a slight decline, which indicates that there has been a fall in buying and selling activity in recent sessions.
If the price gains more buyers’ support at the present level, it can see a surge near the price of $2 within the next few weeks whereas the immediate support level for the token is below around $1.00. The price movements are relevantly more stable for Sui crypto than other prominent cryptocurrencies.
The buyers have an adequate probability of attaining the expected target if they can sustain the price above the major EMA curves, which would put the expected outcomes in the bulls’ favor.
The present value of Sui is $1.2195 and it has a market capitalization of around $1.348 Billion (press time).
SUI crypto’s price has been trading in a bull trend for the past few months. After making a breakout, the price has been finding consistent support from the bulls from the trendline. Observing the historical price action, it can be estimated that the 200 EMA level has been acting as a crucial demand zone.
Technical Analysis of SUI Crypto Price in 1-D Timeframe
SUI has steadily seen its crypto price rise for the past three months, gaining 225.32% and 98.05% in the last month. Currently, the Sui crypto price is trading in a bullish zone. It has been trying to hold on to this level after an unexpected surge in price.
Currently, SUI crypto is trading above the 50 and 200-day DMAs (Daily moving averages), which are supporting the price momentum.
If it can keep this level, the SUI price could continue to go up and reach the first and second targets of $1.4 and $2.00. However, if the Sui price cannot maintain this level and falls, it might hit the closest support levels of $0.86 and $0.74.
The MACD line at 0.1441 and the signal line at 0.1154 are above the zero line. A bullish crossover is observed in the MACD indicator, which signals strength in the momentum of the crypto price.
The RSI curve is trading in the bullish zone and giving positive signals. It is currently trading at the level of 64 demonstrating bullishness.
Summary
The SUI crypto price is exhibiting bullishness on the daily timeframe. The key indicators like RSI, MACD, and EMAs are showcasing bullishness and the price is trading at the top.
Technical Levels
Support Levels: $0.8678.
Resistance Levels: $1.4446.
Disclaimer
This article is for informational purposes only and does not provide any 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 own research before making any financial decisions
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/18/sui-crypto-analysis-will-the-sui-price-reach-the-5-mark/