Altcoin SUI has factored in a modest price increase in the last 24 hours.
The cryptocurrency hit a new ATH at $3.93 on November 17 as per CMC data.
The Asian crypto sector has shown increased activity in the past day. According to reports, crypto mining firm BIT Mining was charged a penalty fee of $10 million for bribery by the Japanese government. Meanwhile, the crypto market has entered a brief consolidation as prices have not shown significant movements compared to last week.
However, the altcoin sector has been projecting mixed signals. While some cryptocurrencies have reflected the leading assets, others have continued to soar. Tokens such as HBAR and VeChain have remained consistent in the upward movements. Sui Network’s SUI has shown minimal price movements in the past day.
The altcoin has reflected the overall crypto market in price action this week. After hitting an ATH at $3.93 on November 17, SUI has failed test levels above $3.90 exhibiting resistance levels. Additionally, the cryptocurrency has also been witnessing increased volatility as indicated by the RVI standing at 78.88.
Several market analysts have discussed how the cryptocurrency has been facing resistance at current levels. Inferring its daily price chart, SUI shows a modest price increase of 0.33% as it sparked bearish candles. However, it currently is on a recovery and is trading at the $3.8 level. At the time of writing, SUI was trading at $3.76 as per CMC data.
What to Expect for Sui Price In the Coming Months?
On inferring SUI’s price chart, it shows a horizontal trend followed by a price breakout. This bullish rally is further confirmed by its bull power indicator value standing at 1.47. Its bear power indicator value stays at 0.52 below zero as per TradingView data. However, as aforementioned, the altcoin is combating resistance at the $3.90 level.
SUI/USDT Daily Price Chart (Source: TradingView )
If SUI manages to surpass this level it can be expected to face its next resistance at $3.92. On the other hand, if it moves downward, it might fall to a support of $3.60. Relatedly, the Sui Network recently made an update by integrating native USDC into its ecosystem.
Meanwhile, other altcoins such as Solana and Ethereum have also shown similar price actions over the past few days.
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