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Will the price of SUI rise against the bearish market to create a new all-time high above $5?
As the broader market experiences a massive crash due to selling pressure, altcoins are falling rapidly. However, amid these rising bearish conditions, SUI is maintaining dominance at its crucial support levels.
As the altcoin showcases resilience amid increased market volatility, its ability to hold above the $4 psychological mark reflects strong underlying support. Will this strength lead to a bullish comeback, pushing the price past the $5 psychological level to establish a new all-time high?
SUI Price Analysis
On the 4-hour chart, the SUI price trend reveals a rising channel pattern. The bullish extension is triggered by a breakout of a falling channel within this bullish pattern.
However, SUI has encountered strong resistance near the $5 psychological level. The trend is struggling to close decisively above $4.75 while facing significant price rejections as it attempts to surpass the $5 mark.
With multiple long-wick formations due to massive supply pressure, SUI’s price consolidated for a while. The consolidation range extended between the 61.80% Fibonacci and 78.60% Fibonacci levels, at $4.44 and $4.75, respectively.
The pullback in the broader market recently caused SUI’s price to drop below the consolidation support. While increased supply pushed the price to a new 24-hour low of $4.07, the underlying strength and psychological support led to a swift recovery.
SUI is currently trading at $4.3850, reflecting an intraday growth of 1.16%. However, the negative cycle within the rising channel pattern resulted in a 6.67% drop yesterday.
With lower price rejections, SUI maintains a close above the 50% Fibonacci at $4.194. The recovery aims to reclaim the $4.50 level.
The recent shift in sentiment has led to a declining MACD and signal line trend, extending its bearish momentum. Additionally, the RSI is approaching the oversold boundary. These momentum indicators suggest a strong bearish trend in SUI prices.
SUI Price Targets
Using the trend-based Fibonacci levels, the lower price rejection from the 50% level increases the likelihood of a bullish reversal. If the uptrend continues, a breakout rally could push the price to re-test the 78.60% Fibonacci level.
In the event of a strong close and a broader market recovery, the uptrend could target $5.24 by the end of 2024. Conversely, a continued decline would test the local support trendline near the 38.20% Fibonacci level at $3.9459.