Sui (SUI) has experienced a notable increase recently, with its price rising by 82% over the past week and reaching a 30-day high of $0.90. The altcoin is now targeting the $1.12 level, buoyed by rising trading activity and favorable technical indicators.
However, there is a possibility that profit-taking could lead to a price decline. If this happens, SUI’s value might fall to $0.46, which was its price on August 5.
SUI Trading Surge and Positive Technical Indicators
Sui (SUI) has experienced a significant increase in trading activity recently. Over the past 24 hours, the coin’s daily trading volume reached $376 million, the highest since June 7, according to Santiment.
This surge in trading volume, combined with a rising price, reflects growing interest and demand for SUI. As more people buy the coin, its value increases, indicating strong market activity.
The Moving Average Convergence/Divergence (MACD) indicator also supports the positive outlook for SUI. On the one-day chart, the MACD line (blue) is above both the signal line (orange) and the zero line. This positioning suggests that short-term momentum is currently stronger than long-term momentum, signaling a potential buying opportunity.
SUI Moving Average Convergence/Divergence. Source: TradingView
Additionally, the MACD line crossing above the zero line reinforces the uptrend, indicating sustained buying activity and the likelihood of continued price growth.
SUI’s Positive Bullish Indicators and Price Targets
SUI’s Elder-Ray Index has shown a positive value since August 8, currently standing at 0.27. This index measures the market strength of bulls versus bears. A positive value indicates stronger bullish activity compared to bearish pressure, suggesting that buyers are in control and that a continued price rally is possible.
SUI is targeting a price of $1.12, a level it last reached on June 8. Achieving this target depends on maintaining strong demand and ongoing bullish sentiment towards the coin.
However, increased profit-taking could lead to a price drop. If this occurs, SUI’s value might decline to $0.46, a level it has seen since November 2023.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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