SUI is gaining traction after breaking out of consolidation and resuming its uptrend. SUI is holding up well on a major support level, which means that buying pressure is building up. This could continue, taking SUI to the next resistance area in the short term.
At the time of writing, SUI is trading at $1.04, up about 5.68% over the last 24 hours. Daily trading volume reached $911.56 million, while the token’s market capitalization stood near $4.06 billion, according to data from CoinMarketCap.
Source: CoinMarketCap
A crypto analyst, BitGuru, observed that SUI has started developing a trend that shows a clear direction upwards from a sideways price range.
According to BitGuru, the fact that SUI has managed to stay above the $1.00 price point indicates that the coin is seeing increased demand from investors willing to support the price at this critical point.
Source: X
BitGuru also emphasized that, if the demand for SUI continues, the coin is likely to attempt a price movement towards the $1.08 – $1.12 price point in the near future.
Other technical indicators are also indicating a good sign for SUI. The Relative Strength Index (RSI) has risen to 58.19. It has crossed its signal level, which is near 45.21. The rise in the RSI indicates that buying activities in the stock market are increasing.
SUI is also trading above its 20-day moving average at about $0.93. The price is also testing the 50-day moving average at about $1.03.
The trend is still showing some level of resistance in the long term since the 100-day moving average at $1.31 and the 200-day moving average at $2.01 are still significantly higher than the current price.
Source: TradingView
The MACD is indicating an early positive shift. The line is close to 0.02404, while the signal line is lower at -0.01306. The histogram is at 0.03710. The increasing difference is believed to be an indication of the gradual build-up of upward momentum following the previous downtrend.
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If SUI continues to hold above the $1.00 support price, market analysts have projected that the next possible resistance price for SUI may be between $1.08 to $1.12. However, BitGuru has also stated that this would depend on the strength of the buying activity seen in the coming days.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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