With the Bitcoin price plunging below the $67,000 level, the crypto market has experienced a significant correction in its valuation over the past few days. Moreover, the altcoin market has recorded a major correction with top tokens breaking down their important support levels.
Will the Sui coin price regain momentum and head toward a new ATH during the upcoming weeks? Or will the price experience a major price correction in the coming time? In this article, we have covered the short-term price action of Sui (SUI) cryptocurrency!
Sui Crypto Records A Strong Bearish Reversal!
After achieving a new All-time High of $2.36 on 14th October, the Sui token has recorded a drop of ~23% in valuation. This highlighted the increase in the traders selling their holdings to claim the profits.
However, it has jumped 6.21% during the past month and 133.78% this year. Moreover, with a market capitalization of $5.027 billion, it has secured the 21st position in the global crypto list.
SUI Technical Sentiments
The Simple Moving Average (SMA) has recorded a bearish convergence in the 1D time frame. This highlights increased selling pressure for the altcoin in the crypto market.
Further, the MACD indicator shows a significant rise in the red histogram with its averages experiencing a similar price action. This suggests that the SUI price may continue losing value.
Will Sui Crypto Achieve The $3 Mark This Q4?
If the bulls regain momentum, the SUI token will retest its resistance level of $1.9750. Maintaining the price above that level could set the stage for it to head toward its ATH of $2.36 during the upcoming weeks.
On the contrary, if the bears outrun the bulls, the Sui coin price may retest its support trendline of $1.606. Furthermore, if the bearish sentiment intensifies, this could result in it heading toward its lower support level of $1.2375.
Wondering about the long-term price prospects of the 21st-largest cryptocurrency? Read our Sui (SUI) Price Prediction to uncover the mysteries!
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