Release: 2024/12/14 21:19 Reading: 826
Sui Price Aims for Breakout Amid Bullish Indications
Over the past weeks, Sui has exhibited a steady uptrend, forming higher highs and higher lows within a parabolic curve. The recent breakout from a rounding bottom, a bullish continuation pattern, signals further upward momentum.
Currently, Sui is consolidating just below the $4.93 resistance level. This consolidation could be a pause in the rally, known as a bull flag.
Key support levels include $4.24 (50-day SMA) and $3.67 (200-day SMA). Both have provided strong support during the uptrend.
The Relative Strength Index (RSI) stands at 68.43, indicating the asset is approaching overbought territory but has not reached extreme levels. This suggests potential for further upside before a correction.
The Moving Average Convergence Divergence (MACD) histogram is positive, reflecting bullish momentum, with the blue MACD line above the orange signal line.
Sui Price Prediction
Given the bullish structure and indicators, Sui is expected to continue its upward trajectory. The next major resistance level is $5.00, which, if broken, could lead to an extended rally towards $5.50 or higher.
A potential correction could retest the $4.00-$4.24 support zone, providing an opportunity for buyers to re-enter. However, a break below the 200-day SMA at $3.67 could invalidate the bullish thesis.
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