We will delve a bit into what can be foreseen for SUI and its future in the short term.
Technical analysis of the SUI/USDT chart
Current Price and Bullish Resistance:
The current price of SUI is at 2.0094 USDT, after a recent increase. The previous highest resistance is near 2.3680 USDT, where the price showed a rejection in the past.
To continue upward, it must surpass this resistance, which could act as a critical point to validate a push to a new level.
Let's take a look at the chart:
Moving Averages (MA7, MA25, MA99):
MA7 (yellow): Currently, the price is above the MA7, indicating a bullish momentum in the short term.
MA25 (pink) and MA99 (purple): Both moving averages are below the current price, reinforcing the bullish signal. The MA25 has acted as dynamic support during pullbacks, suggesting a solid trend as long as it holds.
Momentum Indicators (Stochastic RSI and MACD):
Stochastic RSI: It is in a zone close to the overbought level (approximately at 25), which indicates that the price has room to continue rising, but it could show signs of exhaustion soon.
MACD: The recent positive crossover and the increase in green bars on the histogram suggest a possible continuation of bullish momentum.
Volume:
Volume shows greater activity during upward movements, which is a good sign that buyers are dominating at these levels. The recent increase in volume also supports the continuation of the bullish trend, as long as volume remains steady or increases.
Potential Scenarios
Bullish Scenario:
If it manages to break the resistance at 2.3680 USDT, it could target levels of 2.50 or even 3.00 as the next bullish objectives, provided that volume supports the move.
A close above this level would confirm the shift towards a more prolonged bullish trend.
Lateral Scenario:
If the price fails to break the resistance and volume decreases, we could see a period of consolidation between 1.80 and 2.30 USDT.
This scenario is likely if the Stochastic RSI reaches overbought levels without a significant breakout.
Bearish Scenario:
If SUI loses support at the MA25 or the price falls below 1.80 USDT, it could retrace to levels close to 1.50 or even 1.25 USDT.
The MACD would start showing red bars, indicating that selling pressure is increasing.
This technical analysis provides insight into possible movements in the coming days or weeks.
