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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.