Will SUI Price Regain Momentum To Hit $3 After a 20% Drop?

The post Will SUI Price Regain Momentum To Hit $3 After a 20% Drop? appeared first on Coinpedia Fintech News

From being one of the top performers in the crypto market, the SUI crypto price has taken a slow route. Over the past few weeks, the lack of bullish momentum in a volatile market has put SUI jumping up and down the $2 psychological mark. 

As the uncertainty in the SUI crypto increases, the risk of a bearish reversal grows. Will the lack of a decisive trend implode SUI? Find out more about Coinpedia’s SUI price analysis for this month. 

SUI Price Analysis

After recording a massive bullish rally of more than 400% from $0.46 to $2.36 between August and October, the bullish trend in the SUI token is taking a setback. Over the last three weeks, the SUI token is down by almost 20% and is currently trading at $1.8835. This comes after the 10.98% jump last week. 

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However, the bullish recovery was short-lived as the intraday pullback of 3.24% kept the SUI market price below the $2.00 psychological mark. In the daily chart, the recovery has formed a support trend line facing constant bearish hammering. 

Furthermore, the dynamic support of the 50-day EMA has entered the play to provide a cushion for a bullish reversal. The short-term pullback forms a resistance trend line, completing a triangle pattern, and the intraday pullback puts the support trendline at risk. 

Based on the Fibonacci levels, the pullback is putting immense pressure over the 78.60% Fibonacci level at $1.74. 

Technical Indicators:

RSI: The daily RSI line shows a bullish divergence in the last two bottom formations, teasing a potential bullish comeback if the broader market recovers. 

EMA: The dynamic support of the 50-day EMA and the positive alignment of the 100-day and 200-day EMA provide multiple support areas. 

Where’s SUI Price Headed?

If the SUI token price breaks below the support trend line, the 61.80% and 50% Fibonacci levels coinciding with the 100-day and 200-day EMA are potential bounce-back areas. 

These areas are $1.48 and $1.30 below the $1.58 psychological mark. However, on the upside, if the broader market recovers, the SUI token is likely to regain its bullish momentum. 

As one of the high-performing projects challenging the Solana network, a broader market recovery will likely result in a new all-time high. Based on the Fibonacci levels, the breakout of the $2.00 psychological mark and the overhead resistance trend line will put the $2.50 and $3.00 psychological mark as potential targets in November. 

By the end of the year, if the bullish trend continues after the increased uncertainties of the US presidential elections, the 2.618% Fibonacci level at $4.57 is a potential price target.

Wondering if the bull run in SUI will hit $5 in 2024? Find out now in Coinpedia’s well-rounded SUI price prediction, and subscribe to us for all the latest updates!

FAQs

What is SUI in crypto?

SUI, the native token of the SUI blockchain network, governs the SUI network. It is used to pay gas fees and participate in staking.

How much is 1 SUI in dollars?

At press time, the value of 1 SUI token in US dollars is $1.8835.

Where can I buy SUI Crypto?

SUI is available on all the major crypto exchanges like Binance, Coinbase, KuCoin, etc.