SUI has experienced an impressive rally over the past month, with its price soaring by 151%. The altcoin is now at a multi-month high and is also inching closer to breaking its all-time high (ATH) of $2.18.
Investors are optimistic that SUI could achieve this new milestone before the end of this week and continue the rally. The ongoing bullish momentum, combined with heightened market activity, has positioned SUI as one of the top-performing assets in the crypto space.
SUI Has Substantial Support
SUI is witnessing a resurgence in bullish sentiment, as highlighted by the MACD (Moving Average Convergence Divergence) indicator. The MACD, a key tool for identifying momentum shifts, is showing increasing positive signals.
The rising green bars on the histogram indicate a strengthening bullish momentum, suggesting that buyers are gaining control. This shift points to a potential continuation of the current uptrend, with SUI’s price poised to gain more traction in the coming sessions.
As the bullish momentum intensifies, SUI is likely to break through its next major resistance level at $2.18. A successful breach of this barrier could open the door for further price gains, potentially leading to more upside movement.
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SUI’s macro momentum is reinforced by technical indicators, particularly the Relative Strength Index (RSI), which is currently in the overbought zone at 80.0. Historically, a mild breach above the 70.0 mark has often triggered selling and corrections.
However, no significant correction or selling pressure has materialized despite the RSI’s elevated level. This indicates that investors may be holding onto their positions, anticipating further gains once SUI breaks its ATH of $2.18.
The current strength of the RSI without a corresponding sell-off suggests that the bullish momentum could continue. Investors appear to be waiting for SUI to surpass its previous high before considering profit-taking, a key indicator of their confidence in the asset’s potential growth.
SUI Price Prediction: Eyes on the Price
SUI saw an 8% increase in price over the last 24 hours, bringing it to $1.90. The next resistance for the altcoin is $2.18, standing 15% away from the current price. Given the current momentum, SUI seems poised to achieve this in the near term, which would extend the ongoing 151% rally from September.
The aforementioned factors driving this rally suggest that bullish sentiment will likely be sustained. Many investors may potentially refrain from cashing out until SUI establishes a new ATH, which could drive the price even higher. However, the rally could falter if selling pressure intensifies before $2.18 is breached.
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SUI’s support level at $1.70 remains crucial in preventing a significant downturn. If this support is lost, it could invalidate the bullish thesis and send the altcoin down to $1.45, delaying the anticipated profits.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Aaryamann Shrivastava
https://beincrypto.com/sui-price-ready-to-rally-in-october/
2024-10-02 09:30:00
