SUI price is on the verge of making history, with the potential to reach a new all-time high as it trades just 2% below its previous peak. If the bullish momentum continues, SUI could break the $4.92 resistance and reach $5 for the first time by the end of December 2024.
While the uptrend remains intact, indicators like DMI and BBTrend suggest that the trend strength could be weakening. Traders are closely watching key levels, as a reversal could see the SUI test support at $4.49 or even $3.65.
SUI's uptrend is still strong, but is declining.
The SUI Directional Movement Index (DMI) chart reveals that the Average Directional Index (ADX) is currently at 23.3, down from 32 just two days ago. The ADX measures the strength of a trend, with values above 25 typically indicating a strong trend and values below 20 reflecting a weak or directionless market.
Although the ADX for SUI has declined, it remains close to the threshold for a strong trend, indicating that the uptrend is still intact but showing signs of weakness.
The DMI chart also shows that the +DI (Directional Index) is at 24.4, higher than the -DI at 16.3, confirming that the trend is still bullish. However, the falling ADX indicates that the strength of this uptrend is decreasing.
While the SUI remains favorable, traders should keep a close eye on the ADX. Further declines could indicate a loss of momentum and a potential shift towards a more neutral or bearish phase.
SUI BBTrend may lose momentum
The BBTrend indicator for SUI is currently at 13, maintaining the positive territory since December 14, after reaching a negative low of -6.74 on December 13.
BBTrend is a technical indicator derived from Bollinger Bands, designed to measure price momentum and trend direction. Positive values indicate upward momentum, while negative values indicate downward pressure.
Although SUI’s BBTrend remains positive, it has declined from 15.69 just two days ago, indicating a slight loss of momentum.
This decline indicates that while SUI is still in an uptrend with favorable momentum, the strength of the uptrend may be waning.
SUI Price Prediction: Will It Hit $5 in December?
The EMA lines of the SUI indicate that it remains in an uptrend, although the DMI highlights that the strength of this trend is not as strong as before.
If the uptrend continues and SUI price breaks the $4.92 resistance, it could soon test the $5 mark, setting a new all-time high. With SUI currently just 2% below its all-time high, the bullish momentum could push it into uncharted territory.
On the other hand, if the uptrend weakens and a downtrend emerges, SUI price may first test the support at $4.49. If this level fails to hold, the price may drop further to $3.65, indicating a major reversal.
