Sui (SUI) Price Prediction 2023 — Will SUI Hit $2 Soon?

• Bullish SUI price prediction for 2023 is $1.1488 to $1.3472.
• Sui (SUI) price might reach $2 soon.
• Bearish SUI price prediction for 2023 is $0.9084.

In this Sui (SUI) price prediction 2023, we will analyze the price patterns of SUI by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency. 

Sui (SUI) Current Market Status

What is Sui (SUI)?

Sui is a smart contract platform maintained by a permissionless set of validators that play a role similar to validators or miners in other blockchain systems. It has a native token called SUI, used to pay for gas, and users can stake their SUI tokens with validators in a Delegated Proof-of-Stake model within an epoch. It takes a significant leap in scalability by enabling parallel agreement on casually independent transactions. 

Sui (SUI) Price Prediction 2023

Sui (SUI) ranks 68th on CoinMarketCap in terms of its market capitalization. The overview of the Sui price prediction for 2023 is explained below with a daily time frame.

SUI/USDT Descending Triangle Pattern (Source: TradingView)

The above chart of Sui (SUI) laid out a descending triangle pattern. The descending triangle is most commonly seen during downtrends and is often interpreted as a bearish signal. The ascending triangle pattern is reversed in the descending triangle pattern.

As the price continues to make lower highs, descending triangles indicate to investors and traders that sellers are more aggressive than buyers. When the price breaks out of the triangle in the direction of the overall trend, the pattern is complete.

Contrary to popular belief, a descending triangle can be bullish or bearish. A regular descending triangle pattern is traditionally regarded as a bearish chart pattern. A descending triangle pattern, on the other hand, can be bullish.

At the time of analysis, the price of Sui (SUI) was recorded at $1.1174. If the pattern trend continues, then the price of SUI might reach the resistance levels of $1.1259, $1.2219 and $1.3512. If the trend reverses, then the price of SUI may fall to the support of $1.0071.

Sui (SUI) Resistance and Support Levels

The chart given below elucidates the possible resistance and support levels of Sui (SUI) in 2023.

SUI/USDT Resistance and Support Levels (Source: TradingView)

From the above chart, we can analyze and identify the following as the resistance and support levels of Sui (SUI) for 2023.

As per the above analysis, if Sui’s (SUI) bulls take the lead, then it might hit and break through its resistance level of $1.3472.

Conversely, if Sui’s (SUI) bears dominate the trend, the price of SUI might plunge to  $0.3567.

Sui (SUI) Price Prediction 2023 — RVOL, MA, and RSI

The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Sui (SUI) are shown in the chart below.

SUI/USDT RVOL, MA, RSI (Source: TradingView)

The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes.  It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders identify unusual trading activity and changes in market sentiment. 

At the time of analysis, the RVOL of Sui (SUI) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.

The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days.  When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).

Notably, in the above chart, the SUI price lies below 50 MA (short-term), indicating its downtrend. Hence, SUI is in a bearish state. Although this is the current state, a trend reversal might occur.

Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state. 

Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.

At the time of analysis, the RSI of SUI is at 49.01. Therefore, this indicates SUI is nearly in an oversold state. However, SUI sends out a buy signal.

Sui (SUI) Price Prediction 2023 — ADX, RVI

In the below chart, we analyze the strength and volatility of Sui (SUI) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).

SUI/USDT ADX, RVI (Source: TradingView)

To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.

According to the data on the above chart, the ADX of SUI lies in the range of 23.8701 pointing out a strong trend. 

The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of SUI lies below 50, indicating low volatility.

Comparison of SUI with BTC, ETH

Let us now compare the price movements of Sui (SUI) with that of Bitcoin (BTC), and Ethereum (ETH).

BTC Vs ETH Vs SUI Price Comparison (Source: TradingView)

From the above chart, we can interpret that the price action of SUI is similar to that of BTC and ETH. That is, when the price of  BTC and ETH increases or decreases, the price of SUI also increases or decreases respectively.

Sui (SUI) Price Prediction 2024-2030

With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Sui (SUI) between 2024 and 2030.

Sui (SUI) Price Prediction 2024

If bulls dominate the price momentum and trend patterns, then Sui (SUI) might successfully test and surpass its resistance levels to hit $3 by 2024.

Sui (SUI) Price Prediction 2025

The significant upgrades in the Sui ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Sui (SUI) price to reach $7 by 2025.

Sui (SUI) Price Prediction 2026

If Sui (SUI) successfully tests its major resistance levels and continues to move upside, then it will rally to hit $11. 

Sui (SUI) Price Prediction 2027

If Sui (SUI) sustains major resistance levels and stands as a better investment option in the market, then SUI will rally to hit $16. 

Sui (SUI) Price Prediction 2028

If Sui (SUI) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then SUI will hit $20 by 2028.

Sui (SUI) Price Prediction 2029

If investors flock in and continue to place their bets on Sui (SUI), then the crypto will witness major spikes. Hence, SUI might hit $25 by 2029.

Sui (SUI) Price Prediction 2030

By 2030, the SUI price might rally to $30 if the trend momentum aligns in favor of Sui. Furthermore, SUI would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.

Conclusion

If Sui (SUI) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Sui (SUI) price prediction for 2023 is $1.3472. Comparatively, the bearish Sui (SUI) price prediction for 2023 is $0.9084.  

If there is a positive elevation in the market momentum and investors’ sentiment, then Sui (SUI) might hit $2. Furthermore, with future upgrades and advancements in the Sui ecosystem, SUI might surpass its current all-time high (ATH) of $1.72 and mark its new ATH. 

FAQ

1. What is Sui (SUI)?

Sui is a smart contract platform maintained by a permissionless set of validators that play a role similar to validators or miners in other blockchain systems.

2. Where can you buy Sui (SUI)?

Traders can trade Sui (SUI) on the following cryptocurrency exchanges such as DigiFinex, Binance and WhiteBIT.

3. Will Sui (SUI) record a new ATH soon?

With the ongoing developments and upgrades within the Sui platform, Sui (SUI) has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Sui (SUI)?

Sui (SUI) hit its current all-time high (ATH) of $1.72 on May 03, 2023.

5. What is the lowest price of Sui (SUI)?

According to CoinMarketCap, SUI hit its all-time low (ATL) of $1.02 on May 12, 2023

6. Will Sui (SUI) hit $2?

If Sui (SUI) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $2 soon.

7. What will be the Sui (SUI) price by 2024?

Sui (SUI) price might reach $3 by 2024.

8. What will be the Sui (SUI) price by 2025?

Sui (SUI) price might reach $7 by 2025.

9. What will be the Sui (SUI) price by 2026?

Sui (SUI) price might reach $11 by 2026.

10. What will be the Sui (SUI) price by 2027?

Sui (SUI) price might reach $16 by 2027.

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                                                                                                                                                                                                                                                                                                                                                     Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.