After a bearish trend, the Sui (SUI) price has paused near the last swing low. The SUI price dipped below the psychological level of $1 and eliminated small players. Here, whales showed interest, and the SUI price surged 160% in 6 weeks.
Since May, the SUI price has struggled below the 200-day exponential moving average (EMA). Moreover, it triggered a breakout from the 200-day EMA in September and displayed massive buying.
The token’s price was wandering near an all-time high (ATH), and a pullback developed. Let’s find out how it performs after the pullback.
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Is a Sui price surge on the horizon?
Michael Van De Poppe (@CryptoMichNL) is a cryptocurrency analyst. He claims that the SUI price surge can potentially see a gain of 10% in one go. It has triggered a small pullback and is heading toward the high.
It is expected to approach the $2.25 and $2.50 mark in the upcoming trading session. Trading volume may play a vital role in the further momentum.
SUI Price Analysis Over 1-D Timeframe
Per the Sui price analysis, the token was trading at $2.01 with an intraday loss of 1.98%. The market capitalization was $5.56 Billion, and the 24-hour trading volume was $1.01 Billion. The trading volume has increased by 30% in the past 24 hours.
During the bullish trend, the SUI price surged high. It tested the ATH zone, and a short-term bearish move was observed. However, it has attempted again by developing a pullback, and a push by buyers may record a new ATH.
The SUI crypto price has sustained over the $2 mark, which could generate a bullish momentum. If the buyers show interest, the price may gain bullish momentum.
Assuming the trading volume supports this momentum, buying momentum for the long term can be anticipated.
Alternatively, if the digital asset price slips below the $2 mark, it could generate a selling scenario. The SUI price below the $2 mark can create a panic among the buyers, who might prefer to book profit. The profit booking may lead to a strong selling pressure.
Turning to the technical indicators, the MACD and the Signal line wandered in the positive territory. Additionally, the histograms have turned neutral, and the price forecast may depend on the following buying or selling pressure.
The SUI Network price has smashed the key moving average and has generated a bullish forecast.
SUI Price Forecast Based on Chart
Based on the recent price movements and technical indicators, the SUI price has the potential to reach a new ATH. This can happen if the buyers continue to show interest, and the trading volume supports this momentum.
The sustained price above the $2 mark could generate bullish momentum. However, slipping below this level might lead to profit booking and selling pressure. SUI price surged significantly in September and exceeded the $2 mark.
The MACD and Signal lines both were currently in positive territory. That indicated a potential for further upward movement.
However, the price forecast will depend on the next buying or selling pressure. Monitoring the market closely to see how SUI performs after the recent pullback will be necessary.
