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- 1 SUI price prediction suggests that sellers and buyers are struggling to take command of price.
- 2 On the daily chart, the SUI price is down by 18% in the last 7 days.
SUI price prediction on the daily chart indicates that the buyers and sellers are hesitant. The price is presently moving under a narrow consolidation channel. It is moving near the demand zone and according to historical price action, the buyers have been providing constant support to the SUI price near this level. The RSI oscillator recently made a bullish divergence where despite moving under a horizontal channel the RSI line made a higher high and low pattern.
The price of SUI has a crucial demand zone near the $0.6300 price point. The technical indicators, market structure, and price action all point out that bulls may take the reins at present. However, the buyers might wait for the closing of an engulfing or marubozu candle. There is a notable fall in the volume compared to the last few months, and the buying and selling activity among investors has declined.
SUI’s price is currently trading at $3.90 with a 10% gain in the 24-hour trading volume and has a market cap of $3.59 Billion.
SUI Price Prediction: Technical Analysis of SUI Price On Daily Chart
The price of the SUI token is presently moving below all the major EMA levels in a downtrend. Whereas there is a possibility that the price might make an 8 to 12% rally the buyer may not be able to initiate a breakout above the 100 and 200 EMA as they are presently acting as crucial immediate barrier levels for the price. The volume indicates that buying and selling activity among the investors has declined.
The Divergence made by the RSI line within the last few days has failed. The RSI line is moving near 36.33 points and the 14 SMA provides resistance at around 35.39 points. The RSI line is moving near the demand zone which suggests that the SUI price can see an increase in its value in the near future.
Stochastic RSI is about to intercept the median line, it is moving towards the supply zone steadily. The present value of stochastic RSI is 40.64 points.
Conclusion
According to the analysis, there is a moment of hesitancy among the buyers and sellers. The price of the SUI token is presently moving under bear control below all the major EMA levels. There is a possibility that the price might make an 8 to 12% rally though buyers might wait for the making of an engulfing or marubozu candle.
Technical levels
Support – $0.600
Resistance – $0.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
