Analysis

SUI Price Drops 12% In 96 Hours, Crucial Time To Hold Or Sell?

Published

1 year ago

October 18, 2024

Regardless of the elevated bullish sentiment within the crypto house, the Sui token has fallen 12.49% from its ATH in 5 days. Notably, this altcoin catapult fell ~405% from the August low to succeed in a brand new all-time excessive (ATH) of $2.36 on October 14.

Will this crypto token make a comeback and attain its goal worth of $3 this 12 months? Or will the worth rally fade within the coming week? On this article, we mentioned the short-term worth outlook of the Sui crypto token.

SUI Crypto Assessments Its Essential Value Zone Once more!

Sui worth has maintained its bullish motion by including ~2% over the previous day with a buying and selling quantity of $595.32 million. Moreover, the inventory is up ~5% up to now week and 73.98% up to now month.

With a Yr-to-Date (YTD) return of +165.36% and a market cap of $5.707 billion, the Sui cryptocurrency has claimed the title of the 18th largest cryptocurrency in the marketplace.

The EMA 50/200 days continues to register a gentle uptrend within the 1D time-frame. This highlights a rise in shopping for and promoting strain for the Sui crypto token available in the market.

Moreover, the RSI indicator has registered a impartial pattern, with the common trendline hovering near the overbought vary within the SUI worth chart. This indicators a bullish outlook for the 18th largest cryptocurrency this week.

Will Sui Value Attain $3 in 2024?

If the market holds the worth above the $2 degree, the Sui crypto will retest its $2.2 resistance degree. Furthermore, if the bulls overtake the bears, it might result in the crypto token retesting its all-time excessive of $3 and hitting a brand new excessive.

READ Why Institutional Inflows and Retail Adoption Could Push ADA Toward $1.20

Nonetheless, if bearish sentiment will increase, the token might fall in direction of the important thing help degree at $1,975. If the bulls fail to regain momentum at that degree, the Sui coin might fall additional in direction of the decrease help degree of $1.60.

Fearful about the potential of this altco hitting the $3 mark this 12 months? Learn our SUI worth forecast 2024 – 2030!