The cryptocurrency market continues recording constant price fluctuations. This has resulted in the top tokens repeatedly failing to break out of their resistance levels. On the other hand, the SUI price has recorded a similar trend by plunging below its important support level.
Will this cryptocurrency regain momentum and smash its All-time High (ATH) of $2.18 this month or will it plunge toward its lower support levels? In this article, we have covered the possible short-term market and price sentiments of Sui (SUI) cryptocurrency.
After recording a dream run during the past few weeks, the Sui price has failed to hold its value above the $2 mark. This has resulted in it recording a correction of ~3% in the past 24 hours and further, ending its price rally of over 100%.
Notably, this altcoin has surged ~140% this year and is currently valued at $1.8757. Moreover, with a market capitalization of $5.155 billion, it has secured the 20th position in the global crypto market.
The Simple Moving Average (SMA) constantly supports the price chart in the 1D time frame, indicating a strong bullish sentiment for the altcoin in the crypto market.
However, the MACD indicators show a rising red histogram with a bearish convergence in its averages. This highlights a mixed-price sentiment for the SUI coin price in the cryptocurrency market.
If a bullish reversal occurs, the altcoin will retest its resistance level of $2 during the upcoming week. Moreover, if the bullish sentiment sustains, this could result in it breaking its ATH of $2.18 and heading toward a new high.
On the contrary, if the bears continue gaining momentum, this altcoin could drop toward its support level of $1.6060. Further, if the bears dominate the market, the SUI crypto price could retest its lower support level of $1.237 this month.
To find out, when will the Sui price hit $5? Read, our Sui (SUI) Price Prediction 2024 – 2030!
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