SUI Holds Above $1.30 as Sellers Emerge

A break above the 21-day SMA will push the price of SUI towards the 50-day SMA or the $2.00 high. SUI is currently at $1.69.

SUI price long-term prediction: bearish

Sui’s price has halted its decline above the $1.30 support since November 21, as Coinidol.com reported previously. In other words, the cryptocurrency has been moving sideways above $1.30 but below the 21-day SMA barrier. The upward correction has been rejected at the 21-day SMA, resulting in a decline. 

On the downside, if the bears break below the $1.30 support, the altcoin will decline towards the October 10 price level of $0.612. However, if the current support holds, SUI will rise and retest the 21-day SMA barrier.

Technical indicators

• 
  Key supply zones: $4.00, $4.20, $4.40

• 
  Key demand zones: $3.00, $2.80, $2.60

Sui price indicator analysis

SUI price action is characterised by Doji candlesticks below the moving average lines. The 21-day SMA acts as a resistance level, repelling the price bars. On the 4-hour chart, the moving average lines are sloping horizontally, indicating a sideways trend.

What is the next move for Sui?

SUI prices are moving within a range above the $1.30 support and around the $1.60 high. The cryptocurrency price has decreased and is currently sitting above the $1.30 support level. A Doji candlestick continues to dominate the altcoin, causing it to trade within a range. The altcoin will fall if it loses the $1.30 support.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.