SUI price corrected 15.30% in the last 30 days, 2.86% in the last 7 days and increased by about 3% in the last 24 hours with a trading volume of $26720.2 million (+11.24%).
Furthermore, the SUI coin has formed a symmetrical triangle pattern on the 1D timeframe and is about to test its resistance trendline. Trading at $1.0371 with a market cap of $2.417 billion, can the Sui coin price reclaim the $2 mark in the second quarter?
Sui price is about to break through sharply:
Sui (SUI) price performed significantly in the first three months, increasing its portfolio by 186.55% during this period. However, bulls lost momentum after being rejected at the $2.1850 resistance level, causing SUI's price to record a valuation correction of 51.60%.
Since then, SUI token has been trading in a range between $1.0575 and $1.3950 for some time. Recently, the bulls lost momentum, which caused the altcoin to fall below its critical support level. On the positive side, SUI price is about to test its resistance level, and the outcome is unpredictable.
On the negative side, the 50/200-day crossover EMA shows a high probability of a death cross on the 1D timeframe, indicating a high probability of bearish price action ahead.
The Moving Average Convergence Divergence (MACD) shows a rising green histogram, highlighting the increase in buy and sell pressure in the cryptocurrency market. In addition, the average shows a bullish curve, indicating that the sentiment in the cryptocurrency space towards Sui Token is mixed.
Will the SUI rise?
If the market pushes the SUI price above the $1.0575 resistance, the bulls will regain momentum and be ready to test its overhead resistance at $1.3950 in the coming weeks.
Conversely, the bearish price action could cause the altcoin to drop towards the support trendline soon. If the bulls fail to hold the price at this level, SUI Token will drop further towards its critical support at $0.7625 in the future.
(Personal opinion, not a recommendation)
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry. Follow the homepage~
If you like it, please follow us for more articles.
Thanks for reading! See you next time!
