Sui Price Prediction: SUI Soars 7% As This Upgraded PEPE Coin Rockets Past $20 Million In Presale
Release: 2024/10/17 16:49 Reading: 663
Sui Price Rallies, Bulls Aim to Sustain Momentum
The Sui cryptocurrency surged by 7% within a 24-hour period, reaching a trading price of $2.14 as of 00:22 a.m. EST. This surge occurred despite a 38% decline in trading volume to $1.1 billion.
Bullish Sentiment Remains
According to SUI/USD analysis on a 4-hour timeframe, the chart indicates a bullish trend. The price is moving within an upward channel, marked by two parallel white lines. It is displaying higher highs and higher lows, characteristic of an uptrend.
Data from GeckoTerminal suggests that the bulls are aiming to surpass the $2.4 resistance level. The price of SUI is currently above both the 50-day and 200-day Simple Moving Averages (SMAs), aligning with the recent bullish sentiment.
Relative Strength Index (RSI) Signals Potential for Further Gains
The RSI currently stands at 53.31, indicating a neutral position. It is not in overbought (above 70) or oversold (below 30) territory. This midpoint suggests that the market has room to move in either direction without being overextended.
However, the RSI is trending upwards, indicating that the asset is gaining positive momentum. If this upward trajectory continues, the SUI price could rise further as bulls aim to push it towards the next resistance level of $2.60.
Technical Support and Potential Corrections
Conversely, a breakdown below the 50-day SMA and the lower trendline could result in a test of the 200-MA near $1.70, signaling a deeper correction.
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