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Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

After a New ATH, SUI Price Aims at Another 20% Rise—Will it Reach $5 in 2024?

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SUI Token Tops Gainers

The post After a New ATH, SUI Price Aims at Another 20% Rise—Will it Reach $5 in 2024? appeared first on Coinpedia Fintech News

As the SUI surged past $2, the bulls utilised all their strength to push the price beyond the current ATH. Now that the price has achieved new highs at $2.36 during the early trading hours, the traders appear to have become optimistic about the next price action. Therefore, the price is bound to keep up the bullish trend as the crypto is gaining back the lost momentum and attention. 

Hence, the SUI price may eventually stabilize within the price discovery phase and eventually maintain a steep ascending trend and achieve higher targets. 

SUI has been largely compared to that of the 2021 Solana price rally, which triggered a monstrous jump beyond $220. With the latest price rise, the SUI price has been certified as the beginning of a fresh upswing. Therefore, the price is believed to head towards the next target at $2.5 to $2.55 but only after it reaches certain conditions. 

The above chart displays immense strength among the bulls as the price maintains a steep ascending trend within a rising parallel channel. The token just hit the upper resistance, forming a new ATH, which may result in a minor pullback to the average bands of the channel. The StochRSI is heading towards lower support, while the short-term MACD suggests a drop in the buying pressure. This validates the bearish narrative in the short term, which may drag the levels to $2.16 in the next couple of days. 

However, after the bulls regain power, a rebound could be generated at the average bands, which may revamp a strong upswing to form a new ATH above $2.4. However, these are minute price actions, but in the wider perspective, the Sui price appears to be primed to close the monthly trade around $3 and reach $5 by the end of the year. 

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