With the Bitcoin price hovering below the $70,000 level, the altcoin market has experienced a significant correction in valuation. Moreover, top tokens have failed to hold their respective support levels. This highlights increased selling pressure in the crypto space.
Amid market volatility, will the Sui price regain momentum and head toward a new ATH this November? Or will this altcoin lose momentum and retest its lower levels? In this article, we have covered the short-term price prospects of the 18th largest cryptocurrency in the market.
Sui Crypto Price Fails To Hold Its $2 Mark!
With a drop of 1.45% in the past 24 hours and a trading volume of $805.29 million, the SUI token has plunged below the $2 mark and is currently valued at $1.936. Reportedly it has recorded a 24-hour low of $1.92, suggesting an increase in the negative influence.
Positively, it has added 5.42% over the past week and 2.38% during the past 30 days. Moreover, with a Year-to-Date (YTD) return of +147.86%, it has secured the 18th position in the global crypto market with a capitalization of $5.490 billion.
Sui Technical Sentiments
The SMA indicator has displayed a sideways trend in the SUI price chart below the $1.9750 trendline. This highlights a potential reversal point at that level.
However, the Moving Average Convergence Divergence (MACD) shows a constant red histogram with its averages recording a negative action. This suggests a mixed price action for the altcoin in the upcoming time.
Will SUI Price Hit $3 This November?
If a bullish trend reversal occurs, the SUI crypto will retest its resistance level of $1.9750. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $2.40 this month.
On the contrary, if the bears outrun the bulls, the Sui token will drop toward its important support level of $1.60. Furthermore, if the bears dominate the crypto space, the altcoin could plunge toward its lower support level of $1.23.
Wondering if this altcoin will record a new ATH soon? Read our Sui (SUI) Price Prediction article to explore the potential short-term and long-term price prospects!
