Will the SUI price see a Decline?

SUI price trades within a consolidation channel where the RSI line trades on a downtrend. At present, the price of SUI is $1.3341. It is seeing a significant increase where the price gained more than 8X of its value. The ranking of SUI in CMC is 65, and it has a market cap of $705.94M. 

Will the SUI price take a bullish turn on the Daily Timeframe?

Source:  SUI/USDT by TradingView

SUI is a first-of-a-kind Layer blockchain. It is a smart contract platform designed to make digital asset ownership fast, private, secure, and accessible for everyone. With horizontally scalable processing and storage, the Sui network supports various applications with unrivaled speed and low cost.

Sui is a platform designed for creators and developers to build user-friendly experiences. This project was launched recently in May 2023 by Mysten Labs, the original contributor of SUI. Mysten Labs by former executives. 

Technical Analysis (1 Day Timeframe)

Source:  SUI/USDT by TradingView

The SUI price is currently trading within a consolidation. As the price was launched recently, it is yet to make proper technical indications. However, the RSI line is making a divergence from the price. Recently it took a reversal from the overbought zone and is currently making a lower high and lower low pattern while the price is trading in a horizontal parallel channel. The current value of RSI is 50.32 points.

Conclusion

Presently the value of the SUI token is $1.3341. Though a significant rise was recently observed in price, its next step is uncertain. At present, it is consolidating within a channel. Its recent resistance level is $15,000, and its support level is around $1.3000. According to the RSI oscillator, the price can observe a decline.

Technical levels –

Support – $1.3000

Resistance – $1.5000

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 assets comes with a risk of financial loss.

Latest posts by Ritika Sharma (see all)