The cryptocurrency market continues to experience turbulent price swings, with top tokens facing persistent challenges in breaking key resistance levels. Sui (SUI), a standout altcoin, is also battling similar trends, having recently plunged below an important support level. As the market speculates on its future, the big question remains: will SUI recover and break its all-time high (ATH) of $2.18, or will it slide toward lower support levels?
SUI Price Dips Below $2 – Will It Recover?
After an impressive price surge in recent weeks, coin has faced difficulties holding its value above the $2 mark. Over the last 24 hours, it has experienced a ~3% price correction, halting its previous 100% rally. Despite this pullback, coin has still enjoyed a notable rise of ~140% this year, and at the time of writing, it is valued at $1.8757 with a market cap of $5.155 billion, ranking 20th in the global crypto market.
While this correction may have dampened spirits, SUI’s Simple Moving Average (SMA) in the 1D time frame remains a positive sign. The SMA indicates strong bullish sentiment, showing that SUI may still have potential for a comeback in the near term.
However, a closer look at the Moving Average Convergence Divergence (MACD) reveals a different story. The rising red histogram, coupled with a bearish convergence in the averages, paints a more mixed picture, suggesting that the recent market optimism may be waning.
What’s Next for SUI – New ATH in Sight?
As the market heads into “Uptober” — a term often used by crypto traders to describe a traditionally bullish month for digital assets — investors are wondering whether coin can stage a comeback. For SUI to reach its ATH of $2.18, it would first need to retest and break through the critical $2 resistance level. If bullish momentum returns, SUI could hit new highs, potentially thrilling investors and reaffirming its position as a strong contender in the altcoin space.
On the flip side, continued bearish pressure could see coin sliding toward its support level at $1.6060. If sellers maintain control, SUI may even test its lower support of $1.237, further complicating the coin’s price trajectory.
Also Read: Sui to Make Native USDC Available Through NAVI Protocol
The Verdict: Bullish or Bearish?
With technical indicators showing conflicting signals, the short-term outlook for SUI remains uncertain. While the SMA suggests that bulls still have a fighting chance, the MACD’s bearish trend could signal more trouble ahead for the altcoin. Market conditions in the coming weeks will be crucial in determining whether SUI can reverse course and attempt another run at its ATH or face further declines.
For now, SUI traders will need to keep a close eye on both macroeconomic factors and cryptocurrency market sentiment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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