Price Analysis of Sui

Sui

SUI

tickers down

€4.10

fell below the 20-day EMA ($4.22) on December 19, but the bears failed to break the support of the 50-day SMA ($3.61) on December 20.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

Daily candlestick chart of the SUI/USDT pair. Source: Cointelegraph/TradingView

The strong rebound from the 50-day SMA indicates aggressive buying at lower levels. The bulls attempted to resume the upward trend on December 21, but the bears held their ground. Although the rising moving averages indicate an advantage for buyers, the negative divergence in the RSI suggests a weakening momentum.

If the price rises from the current level, the bulls will attempt to resume the upward trend again. If the $5 level is surpassed, the SUI/USDT pair could rise to $5.50 and then to $6.50.

On the other hand, a break and close below the 20-day EMA would suggest that the bulls are taking profits. Selling could accelerate if the 50-day SMA gives way. The pair could fall to $3.

The moving averages on the 4-hour chart are slightly tilted downwards, and the RSI is just below the midpoint, suggesting possible range-bound action in the short term. If the price stays below $4.20, the pair could drop to $4 and then to $3.50. Buyers are expected to vigorously defend the $3.50 level.

If the buyers push and hold the price above the 50-day SMA, the pair could rise to $5. This remains the key resistance level to watch, as a breakout above could propel the pair to $5.50.