The Sui price has recorded a jump of over 8% within the past 24 hours after displaying a neutral price action for the past few days. Moreover, this altcoin has recorded a strong bullish action since the month started. This highlights a rising demand for the crypto token in the market.
Planning on investing in this project? But uncertain about its future prospects? In this article, we have uncovered the market sentiments, price action, and possible price targets of the Sui (SUI) crypto token.
Sui Coin Price Displays Increased Bullish Sentiment
The Sui coin price had traded under a descending channel pattern since mid-April. This indicated 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. Moreover, 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. This indicates 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 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.
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.
