- Increased Bullish Sentiment for Sui Price
- Will Sui Price Hit $2 In 2024?
- Possible Scenarios for Sui Price
The Sui price has recorded a jump of over 8% within the past 24 hours after displaying neutral price action for the past few days. Moreover, this altcoin has shown strong bullish action since the start of the month, highlighting a rising demand for the token.
Increased Bullish Sentiment for Sui Price
The Sui coin price had traded under a descending channel pattern since mid-April, indicating a strong bearish sentiment in the crypto space. However, with the increased price action, the Sui price has successfully retested its crucial support level of $0.460. Furthermore, it has added 71.65% over the past 17 days, resulting in it forming an ascending triangle pattern. With the help of a support trendline, this altcoin is on the verge of testing its important resistance level. With a trading price of $0.9126 and a circulating supply of 2,596,086,127 tokens, this altcoin has secured the 34th position in the global cryptocurrency list with a market capitalization of $2.364 Billion. The Simple Moving Average (SMA) has displayed a bullish convergence in the 1D time frame, indicating increased buying pressure for the altcoin in the market. However, the MACD shows a neutral price trend, with its averages moving sideways, indicating a mixed price sentiment for the SUI token.
Will Sui Price Hit $2 In 2024?
If the market continues gaining momentum, the Sui token will head toward its resistance level of $1. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $1.2980 during the upcoming weeks. For the Sui crypto to hit a high of $2, it will require a jump of 117.96%, taking its present listed price of $0.9176 into consideration.
Possible Scenarios for Sui Price
On the flip side, if the bears regain power, the Sui coin price will break its triangle pattern and retest its support level of $0.7410. Moreover, if the bulls fail to regain momentum, it will plunge toward its lower support level of $0.460.
The Sui price shows strong bullish trends, but its future movement will depend on overall market dynamics. Resistance and support levels will play a key role in determining the forthcoming trend.
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