Back to the list

SUI Price Prediction: Will $SUI Token Lose $1 Support?

source-logo  coingape.com 24 May 2023 04:19, UTC

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.

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.