SUI Price Analysis: Can the Bullish Momentum Make a Comeback?
Following an impressive rally that saw SUI surge over 400%, climbing from $0.46 to a peak of $2.36 between August and October, the token’s bullish trajectory has encountered a notable slowdown. In the last three weeks, SUI has retraced nearly 20%, currently trading around $1.8835, despite a brief 10.98% spike last week. However, the recovery has been limited, as a 3.24% intraday pullback has prevented SUI from surpassing the critical $2.00 resistance.
On the daily chart, SUI’s price is tracing a support trend line, though it faces continuous downward pressure. Additionally, the 50-day EMA is providing dynamic support, which could potentially serve as a springboard for a bullish reversal. The ongoing pullback forms a resistance trend line, crafting a triangle pattern on the chart, which puts the support trend line under stress. At present, the pullback is testing the critical 78.60% Fibonacci level, situated at $1.74.
Technical Indicators:
RSI: The daily RSI shows a bullish divergence across recent lows, hinting at a possible upward move if market conditions improve.
EMA: The 50-day EMA offers crucial support, while the favorable positioning of the 100-day and 200-day EMAs provides additional backing, creating a layered support system.
What’s Next for SUI Price?
If the SUI price dips below the current support trend line, it could find potential rebound levels at the 61.80% and 50% Fibonacci retracement areas, aligning with the 100-day and 200-day EMAs at approximately $1.48 and $1.30, respectively, which are positioned below the $1.58 psychological threshold. Conversely, should the broader market pick up, SUI could regain its bullish momentum.
As a top performer in the crypto space and a strong competitor to Solana, SUI has the potential to reach new highs if market conditions become more favorable. A break above the key $2.00 mark and the overhead resistance could set SUI on a path toward $2.50 and even $3.00 in November. Looking further ahead, assuming the bullish momentum endures post-US elections, SUI could target the 2.618 Fibonacci level at $4.57 by year’s end.
Disclaimer: This content includes third-party insights and should not be considered financial advice. Always perform your own research.
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