The cryptocurrency market has recorded a strong bullish recovery over the past few days. This has resulted in the top altcoins breaking out of their major resistance level and heading toward a new ATH. Notably, the 19th largest cryptocurrency, Sui price has recorded a new ATH twice this year.
Will this altcoin continue dominating the altcoin market and head toward its upper target price of $3 this year? Or will the SUI price experience a major price correction?
Sui Crypto Records Increased Price Volatility!
Amid increased bullish sentiment during the Q1, the bulls gained momentum resulting in the Sui price recording a new ATH of $2.18 during March. However, the market faced a significant setback during the 2nd and 3rd quarters.
After recording a yearly low of around $0.53 during August, the bulls regained momentum and traded under a bullish sentiment for the next 68 days. This resulted in this altcoin breaking its old ATH and recording a new one of $2.36. A massive jump of 345.28% during this period.
Sui Technical Sentiments
The SMA indicator constantly supports the Sui price chart in the 1D time frame. This highlights a strong bullish sentiment for the altcoin in the crypto market.
However, the MACD shows a rising red histogram with a bearish convergence in the price chart. This suggests a mixed price sentiment for the Sui cryptocurrency this week.
How High Can SUI Go In 2024?
Suppose, the bulls hold the price above the $2 mark, this could result in the altcoin retesting its ATH of $2.36. Further, if the bullish sentiment intensifies, the Sui price could head toward its upper resistance level of $2.5 this month.
On the flip side, if the bears outrun the bulls, the SUI crypto could retest its support level of $1.975. Moreover, if the bulls fail to hold the price at that point, this could result in the price further plunging toward its lower support level of $1.60.
Wondering about the long-term prospects of this altcoin? Read our Sui (SUI) Price Prediction 2024 – 2030
