NewsletterSUI Price Prediction: Will $SUI Token Lose $1 Support?
SUI Price Analysis: In the 4-hour time chart, the sideways trend of the SUI coin price is strictly resonating between two converging trendlines. The price action bounced off twice from the upper trendline thrice and the lower trendline twice reflecting its strong influence on market traders. Thus, a breakout from either of the trendline will bring the SUI price out of the consolidation phase and trigger a sustained price movement.
Also Read: Top BRC – 20 Tokens Set To Take The Next Big Leap
SUI Price Daily Chart
- If the crypto market continues to struggle in indecisiveness, the SUI may prolong its sideways walk.
- A potential breakout from the overhead trendline may initiate a fresh recovery rally
- The intraday trading volume in the SUI coin is $121.1 Million, indicating a 4.5% loss
Source- Tradingview
The SUI coin price currently trades at the $1.058 mark and continues to squeeze narrower within the converging trendlines. As the price gets closer to the triangle peak, the possibility of a decisive breakout closeby.
Moreover, the area between trendlines has shortened enough to be considered as no-trading, and therefore, the new traders must make a breakout move before positioning the funds in the market.
A bullish breakout above the trendline with a 4-hour candle closing will offer buyers a suitable launchpad to reclaim the higher levels of the chart. Thus, the post-breakout rally may surge the SUI price to $1.14, followed by $1.24, and $1.37.
Alternatively, a breakdown below the lower trendline will extend the prevailing downfall to $1 psychological support, followed by $0.925.
Will SUI Price Lose $1 Psychological Support?
A possible breakdown below the aforementioned support trendline will be the key signal of intense selling in the market and a high possibility for a downfall below the $1 support.
- Relative Strength Index: Considering the recent low in retesting the support trendline, the RSI slope shows a significant rise indicating the underlying growth in SUI and a higher possibility of an upside breakout.
- Exponential Moving Average:: The 20 and 50 EMA acts as dynamic resistance offering additional resistance on sellers to push price to even lower levels.
- ETF Expert Nate Geraci Says Bitcoin Still Lacks Proof of Digital Gold Status
- Pi Network Update: Team Launches AI Tools to Boost KYC and Mainnet Migration for Investors
- U.S. SEC’s Crypto Task Force Sets Dec. 15 for Privacy Roundtable After Previous Delay
- Grayscale Files S-1 for New SUI ETF After 21Shares’ Successful First Fund Launch
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Is Chainlink Price Headed for $20 as Reserves Pass 1M LINK?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
