After recording negative price movements for two consecutive days, the cryptocurrency sector has experienced a strong bullish recovery, led by altcoins. Subsequently, the SUI token regained momentum and broke through resistance levels, with trading volume increasing by 43%.
Will the SUI cryptocurrency token regain momentum and reach new highs this week? Or will this altcoin retest its critical support level of $3? You can discover the short-term possibilities in just a few minutes!
Sui Crypto records intensified price fluctuations!
$Sui token has risen about 10% intraday, with trading volume reaching $2.281 billion, indicating a strong bullish recovery. However, this altcoin is trading at a discount of about 14% compared to its all-time high of $3.93 set on November 17, 2024.
However, from a long-term price perspective, it has doubled this month, with a year-to-date (YTD) return of +337.02%. With a market capitalization of $9.67 billion, this altcoin ranks 18th in the global cryptocurrency list.
Sui Wenjing
The Moving Average Convergence Divergence (MACD) shows a constant red histogram, with its average recording bearish convergence in the daily time frame. This highlights the increased selling pressure on altcoins in the cryptocurrency market.
The SMA indicator has consistently acted as a resistance to the Sui price chart. This indicates that the market has a strong bearish sentiment towards the price of the 18th largest cryptocurrency.
Is Sui Wenjing a good investment?
If the market favors the bulls, the price of Sui will exceed its previous high and move towards the psychological barrier of $4. Maintaining the price above this level could lay the groundwork for this altcoin to test its target price of $5 this year.
Conversely, if the bears gain momentum, the price of Sui will retest its support level at $3.25. Additionally, if the bears dominate the cryptocurrency sector, this could lead to the Sui cryptocurrency dropping to its lower support level of $2.50 this year.
