The post SUI Price Drops 14% Since ATH! Can Sui Hit $5 With Bullish Reversal? appeared first on Coinpedia Fintech News
Story Highlights
- The Sui price has dropped by 13.96% from its ATH of $3.93 in 10 days.
- Technical indicators record increased bearish sentiment, hinting at higher selling pressure.
- A potential bullish reversal could push the price toward its upper target price of $5.
After recording a negative price action for two consecutive days, the crypto space has experienced a strong bullish recovery, with altcoin leading the run. Following this, the SUI token has regained momentum and has surged above its resistance level with a 43% rise in its trading volume.
Will the SUI crypto token regain momentum and achieve a new ATH this week? Or will this altcoin retest its crucial support barrier of $3? You are minutes away from finding out the short-term possibilities!
Sui Crypto Records Increased Price Volatility!
With an intraday jump of ~10% and a trading volume of $2.281 billion, the Sui token has hinted at a strong bullish recovery. However, this altcoin trades at a discount of ~14% from its all-time high of $3.93 which was achieved on 17th November 2024.
However, in the longer-term price prospect, it has 2xed this month and has a Year-to-Date (YTD) return of +337.02%. With a market capitalization of $9.67 billion, this altcoin has secured the 18th position in the global cryptocurrency list.
Sui Technical Sentiments
The Moving Average Convergence Divergence (MACD) shows a constant red histogram with its averages recording a bearish convergence in the daily time frame. This highlights increased selling pressure for the altcoin in the crypto market.
The SMA indicator constantly acts as a resistance to the Sui price chart. This suggests a strong bearish price sentiment for the 18th-largest crypto token.
Is Sui a Good Investment?
If the market favors the bulls, the Sui coin price will surpass its previous ATH and head toward its psychological barrier of $4. Maintaining the price above that level could set the stage for this altcoin to prepare to test its upper target price of $5 this year.
On the contrary, if the bears gain momentum, the Sui coin price will retest its support level of $3.25. Further, if the bears dominate the crypto space, this could result in the Sui crypto plunging toward its lower support level of $2.50 this year.
Wondering about the long-term prospects of this altcoin? Read CoinPedia’s Sui Price Prediction and also subscribe to us to stay updated on the latest cryptocurrency news!
FAQs
The SUI token is currently exchanging hands at $3.3954 with an intraday surge of 9.68%.
The all-time low of this altcoin is $0.36 and was recorded on 19th October 2023.
The Sui token is available for trading on the Coinbase cryptocurrency exchange.
