Sui (SUI) Coin Price Prediction: Will SUI Hit $2 in 2024?
- WBOYOriginal
- 2024-08-23 21:10:10835browse
The Sui price has recorded a jump of over 8% within the past 24 hours after displaying a neutral price action for the past few days.
The recent 8% surge in Sui's price follows a period of neutral price movement. This altcoin has shown strong bullish momentum since the start of the month, highlighting increasing demand in the market.
Planning to invest in Sui's promising future? This analysis will uncover market sentiments, price actions, and potential price targets for the Sui (SUI) crypto token, guiding your investment decision.
Rising Bullish Sentiment in Sui Coin Price
Throughout mid-April, Sui's coin price encountered a descending channel pattern, indicating bearish sentiments. However, with the recent price surge, Sui has retested its crucial support level at $0.460.
This altcoin has surged 71.65% over the last 17 days, forming an ascending triangle pattern. With the support trendline, Sui's price is poised to test a key resistance level.
At a trading price of $0.9126, with 2,596,086,127 tokens in circulation, this altcoin ranks 34th globally in terms of cryptocurrency, boasting a market capitalization of $2.364 Billion.
Simple Moving Average (SMA) on the 1D time frame shows a bullish convergence, indicating increasing buying pressure for the altcoin in the market. Meanwhile, Moving Average Convergence Divergence (MACD) suggests a neutral price trend, with its averages moving laterally, indicating mixed price sentiment for the SUI token.
Can Sui Price Reach $2 In 2024?
With sustained market momentum, Sui will encounter its resistance at $1. If it manages to hold at this level, it could pave the way for the altcoin to reach its upper resistance level of $1.2980 in the coming weeks.
For Sui crypto to attain a peak of $2, it would entail a surge of 117.96%, considering its current listed price of $0.9176.
Conversely, if bears dominate, Sui coin price will breach its triangle pattern and retest its support level at $0.7410. If bulls fail to regain momentum, it will lead to a decline towards its lower support level of $0.460.
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