After trading under a bullish sentiment for a brief period, the Sui price has experienced a strong bearish reversal over the past weekend. This has resulted in this altcoin losing ~10% over the last 48 hours.
With the rising volatility in the cryptocurrency space, will the Sui token experience a bullish reversal and achieve a new all-time high (ATH)? CoinPedia’s expert panel brings you the market sentiment and short-term price analysis of the Sui (SUI) crypto token.
Sui Price On The Verge Of A Major Breakdown?
The Sui coin price has lost 7.26% in the last 24 hours with a trading volume of $1.296 billion, a change of +48.18%. Despite recording a weekly correction of 12.53%, this altcoin has a YTD return of 10.86%, highlighting a potential bullish reversal.
The Moving Average Convergence Divergence (MACD) records a rising red histogram with its averages showing a bearish convergence in the daily time frame. This suggests an increase in the selling pressure for the altcoin in the crypto space.
The 50-day EMA constantly acts as a support to the Sui price chart, highlighting an increase in the bullish sentiment. Further, the EMA 200-day shows a bullish rise, hinting at mixed sentiments for the 12th largest crypto token.
Will SUI Price Reclaim $5 This Week?
Suppose a bullish trend reversal occurs, in that case, the Sui coin price will retest its resistance level of $4.750. Maintaining the price above that level could set the stage for it to reclaim its important resistance level of $5 this week.
However, if the bearish sentiment intensifies, the Sui crypto could break down its support trendline of the rising channel pattern and drop toward its $4 mark. Further, if the bulls fail to regain momentum at that point, this altcoin could retest its low of $3.8 this month.
Are you curious to find out if SUI crypto will hit $10 this altcoin season? Read CoinPedia’s Sui Price Prediction to explore the possibilities until 2030!
FAQs
If the bullish sentiment sustains, this altcoin could go as high as $7.01 this year.
The Sui price has soared over 265% in the last 365 days. This highlights a significant increase in the price action.
With a 24-hour trading volume of $1.296 billion, the Sui token is currently exchanging hands at $4.518.
