Sui’s price prediction indicates a bullish trend, showcasing substantial market growth and a promising trajectory for 2024.
Sui, the Layer 1 blockchain, emerges as a standout performer in the volatile cryptocurrency market, displaying resilience amid fluctuations. Recent data shows a remarkable 9% surge in the last 24 hours, with the trading price reaching $1.18, signaling a prevailing strong bullish sentiment.
Sui Price: Growing Prominence and Bullish Trajectory
Sui’s price has been making significant strides, securing the 53rd rank according to the latest data from CoinMarketCap, highlighting its growing prominence. The Layer 1 blockchain project boasts a live market cap of approximately $1.3 billion, supported by a circulating supply of just over 1.1 billion SUI coins, steadily approaching its maximum supply limit of 10 billion coins.
The trajectory of SUI’s price has exhibited a predominantly bullish trend in recent months, with a remarkable 65% surge in the last month alone, marking a significant milestone in its market journey. Following a decisive breakout, SUI consistently finds support at the bullish trendline, with the 200 Exponential Moving Average level serving as a crucial demand zone, providing insights into its market dynamics and potential future movements.
Sui price prediction – Source: TradingView
Sui price forecasts align with this bullish trend, as the cryptocurrency recently escaped a bearish phase. Currently, its price hovers above the significant 50 Exponential Moving Averages (50-EMAs) in the daily chart. Notably, there’s a noticeable uptick in trading volume, witnessing a 110% increase reaching $622 million, indicating a growing investor interest in the SUI market.
CryptoBussy Identifies Bullish Trend for SUI
Renowned cryptocurrency analyst CryptoBussy has detected a bullish trend in SUI’s chart, highlighted by a bull pennant formation—an established technical analysis indicator pointing towards a potential continuation of the upward trend. Despite a recent dip, CryptoBussy maintains a $2 target for SUI, suggesting a short-term correction and signaling an imminent price increase, providing a positive outlook for SUI investors and market observers.
I think after this correction $SUI is going to $2 pic.twitter.com/h2jFMMXxKd
— CryptoBullet (@CryptoBullet1) January 18, 2024
In the coming weeks, the SUI token could potentially approach the $2 mark if it continues garnering buyer support at its current level. Immediate support is forming just below the $1.00 mark. SUI’s price movement showcases greater stability compared to other leading cryptocurrencies, although a potential bearish shift might see the price dropping towards the $0.95 support level.
Supporting this optimistic outlook are technical indicators, including a bullish crossover in the Moving Average Convergence Divergence (MACD), indicating an impending positive shift. The Relative Strength Index (RSI) positioned above 60 underscores a bullish market sentiment.
Sui price chart: Tradingview
These technical signals, coupled with a favorable awesome oscillator, instill confidence in SUI’s potential for an upward trajectory. Additionally, the 20 Exponential Moving Average positioned above the 50-EMA further signals a positive trend for SUI.
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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