SUI price surged to a new high of $5.35, fueled by bullish momentum, before facing a market correction. The token has since retraced below $5, marking an 8.58% decline from its all-time high. This pullback has sparked speculation about SUI’s future trajectory. Analysts now question whether the token will reclaim bullish momentum to break $6 or remain stuck in a bearish trend.
Is Sui Price Heading for a Bullish Surge or Bearish Plunge?
The crypto analyst highlights that Sui price token firmly maintains its position within an ascending channel on the daily chart. This trend showcases a promising bullish trajectory, gaining attention among market watchers.
The analysis suggests a potential pullback to the $4.2385 support level, providing traders with a significant opportunity for bullish continuation. Such a scenario may bolster confidence in the token’s upward movement, encouraging additional buying activity.
Looking ahead, the upward momentum points to notable price targets at $5.81, $6.81, and potentially higher levels. These targets align with the strengthening trend and ongoing positive sentiment surrounding the asset.
SUI Technical Analysis
The layer one soared to a new all-time high of $5.35 on January 6, marking a 20% weekly surge. The token, however, quickly retraced to $4.90, sparking debate over its future price movement.
Meanwhile, Bitcoin experienced a market correction, dropping below $98,000 after briefly surpassing $102,000, leading to significant liquidations. Investors are now closely monitoring SUI’s trajectory amidst shifting market conditions and the broader impact of Bitcoin’s correction on altcoin performance.
At the time of the report, the SUI price is trading at $4.9115, reflecting a slight increase of 0.38%. The current price action places it within a critical range, bordered by the $4.8656 support and the $6.00 resistance levels. This range indicates a consolidation phase, suggesting traders await a decisive breakout.
The Relative Strength Index (RSI) is at 45, trending downward from the overbought. This decline signals weakened bullish momentum, hinting at potential sideways or bearish price movement unless a reversal occurs. The Awesome Oscillator (AO) shows diminishing positive momentum with red bars emerging.
Sui price is at a pivotal stage, poised between bullish breakout potential and bearish continuation. Whether SUI will break $6 or remain under pressure depends on market dynamics and key support levels.
Frequently Asked Questions (FAQs)
Bullish momentum and strong market interest drove the recent surge.
The key support level is $4.2385 for potential bullish continuation.
SUI faces resistance at $5.81 and $6.00 for further upside.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/is-sui-price-poised-to-break-6-or-stuck-in-a-bearish-trend/
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