Despite increased bullish sentiment in the crypto space, the Sui token has dropped 12.49% from its ATH within 5 days. Notably, this altcoin slingshot ~405% from its August low to achieve a new all-time high (ATH) of $2.36 on 14th October.
Will this crypto token make a comeback and achieve its target price of $3 this year? Or will the price rally fade out during the upcoming week? In this article, we have covered the short-term price prospects of the Sui crypto token.
SUI Crypto Retests Its Crucial Price Zone!
The Sui price has maintained its bullish action by adding ~2% in the past day with a trading volume of $595.32 million. Further, it has jumped ~5% over the past week and 73.98% during the past month.
With a Year-to-Date (YTD) return of +165.36% and a market capitalization of $5.707 billion, the Sui cryptocurrency has claimed the title of the 18th largest cryptocurrency in the market.
The EMA 50/200-day continues recording a constant uptrend in the 1D time frame. This highlights an increase in the buying-and-selling pressure for the Sui crypto token in the market.
Further, the RSI indicator has recorded a neutral trend with its average trendline hovering close to its overbought range in the SUI price chart. This suggests a bullish outlook for the 18th largest cryptocurrency this week.
Will Sui Price Hit $3 In 2024?
If the market holds the price above the $2 level, the Sui crypto will retest its resistance level of $2.2. Moreover, if the bulls outrun the bears, this could result in the crypto token retesting its all-time high of $3 and achieving a new high.
However, if the bearish sentiment intensifies, the token could drop toward its important support level of $1.975. Notably, if the bulls fail to regain momentum at that level, the Sui coin could further plunge toward its lower support level of $1.60.
Concerned about the possibility of this altcoin achieving the $3 mark this year? Read our SUI Price Prediction 2024 – 2030!
