Sui Price Prediction: SUI Kickstarts Uptober With An 8% Surge, But Experts Say Consider This New PEPE Upgrade For 100X Gains
Release: 2024/10/01 16:14 Reading: 822
Sui Price Shows 8% Surge, Poised for Continued Growth
Over the past 24 hours, Sui has experienced an impressive 8% surge, bringing its trading value to $1.89 as of 00:25 a.m. EST. This increase occurred despite a 10% decline in trading volume to $910 million, as the token approaches the psychological $2 threshold.
Sui's Growing Competitive Edge
The price rise coincides with Sui's ongoing efforts to strengthen its position in the blockchain industry. The platform is seen as a formidable competitor to well-established platforms like Solana and recently achieved a total value locked (TVL) of $1 billion mere years after its mainnet launch.
Technical Analysis Indicates Sustained Bullish Momentum
Since September 6th, Sui's price has maintained a consistently bullish trend, rising from the $0.82 support zone. As per GeckoTerminal data, this represents a 128% surge from its current price.
The rising channel pattern in Sui's price trajectory confirms the ongoing bullish sentiment. Notably, the 50-day and 200-day Simple Moving Averages (SMAs) have been breached, indicating the potential for further bullish momentum.
The Relative Strength Index (RSI) is rebounding from the 50-midline level and currently stands at 66. As it nears the 70-overbought region, it suggests that buyers are currently in control.
The Moving Averages Convergence Divergence (MACD) further validates the bullish momentum, with both lines positioned above the neutral line. The blue MACD line crossing above the orange signal line signifies positive momentum.
Price Prediction
Based on the 4-hour chart analysis of SUI/USD, the token is bullish as bulls gain market momentum. Key indicators point to the likelihood of further price increases.
If the bullish trend persists, bulls could drive the price above the $2 psychological resistance, targeting $2.35. However, a sustained profit-taking phase could result in a price decline to the 200-day SMA at $1.17.
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