SUI coin has shown remarkable growth recently, but it’s currently struggling to break through the $2 psychological resistance level. Despite recovery signals on the daily chart, technical indicators point to a risk of further declines. If market conditions are favorable, SUI could target $2.50 and even $3.00 if it manages to surpass this critical resistance.
SUI’s Recent Price Action and Market Sentiment
The SUI altcoin has seen significant volatility, with its price hovering near the $2 resistance. Over recent weeks, SUI’s upward momentum has been weak, keeping it below this key level. Analysts suggest that the lack of sustained growth increases the downside risk for SUI, making its future path highly dependent on whether it holds above its strong support level or breaks through with renewed upward movement.
SUI Price Analysis
Between August and October, SUI surged from $0.46 to $2.36, marking an impressive 400% gain. However, the rally has since entered a correction phase, with the price dropping nearly 20% over the past three weeks to trade around $1.88. While last week saw a 10.98% jump, SUI’s recent 3.24% pullback indicates that the $2 resistance remains unbroken. This uncertainty is causing indecision among investors and contributing to a mixed market sentiment.
On the daily chart, SUI’s recovery movement has formed a descending support trendline, underscoring the need for additional support to fuel a potential rally. The 50-day EMA provides dynamic support, laying a foundation for a possible reversal. However, SUI is currently wedged within a triangle pattern, which could serve as the critical factor in determining its next move if broken.
Key Technical Indicators and Support Levels
The daily RSI shows a bullish divergence at the recent two low points, signaling a potential upward reversal if the broader market recovers. Additionally, the 50-day EMA offers crucial support to SUI’s price, while the alignment of the 100-day and 200-day EMAs creates multiple support zones for the asset.
Possible Price Scenarios for SUI
If SUI breaks below its support trendline, its price could potentially retrace to the 61.8% and 50% Fibonacci levels. This scenario could see SUI drop to psychological and technical supports of $1.58, $1.48, or even $1.30. Conversely, an upward recovery could push SUI past the $2 resistance level.
In November, if the overall market sentiment remains positive and SUI surpasses both the $2 psychological resistance and its general resistance trendline, potential targets include $2.50 and $3.00 based on Fibonacci levels. Additionally, as macroeconomic uncertainties—such as the U.S. presidential election—fade toward year-end, SUI could potentially aim for a long-term target of $4.57 at the 2.618 Fibonacci extension.
Stay tuned to Turkish NY Radio for more insights into SUI’s market movements and potential price trajectories.
