Near All-Time High With Caution Ahead
Sui The price is about to make history, potentially reaching an all-time high, as it is trading just 2% below its previous peak. If the bullish momentum continues, SUI could break the $4.92 resistance and hit $5 for the first time by the end of December 2024.
While the uptrend remains intact, indicators such as the DMI and BBTrend suggest that the trend strength may be waning. Traders are keeping a close eye on the key level as a reversal could see SUI test support at $4.49 or even $3.65.
SUI uptrend remains strong but is declining
Sui The Directional Movement Index (DMI) chart shows that its Average Directional Index (ADX) is currently at 23.3, down from 32 two days ago. ADX measures the strength of a trend, with values above 25 generally indicating a strong trend, and values below 20 indicating a weak or directionless market.
Although Sui ADX has declined but remains close to the threshold of a strong trend, indicating that the uptrend remains intact but is showing signs of weakening.
The DMI chart also shows +DI (directional indicator) at 24.4, which is higher than -DI at 16.3, confirming that the trend remains upward. However, the decline in ADX suggests that the strength of this uptrend is waning.
although Sui Still in a good position, traders should keep a close eye on ADX. Further declines could signal a loss of momentum and a possible shift to a more neutral or bearish phase.
SUI BBTrend may lose steam
SUI’s BBTrend indicator is currently at 13 and has remained positive since December 14, when it hit a negative low of -6.74.
BBTrend is a technical indicator derived from Bollinger Bands and is designed to measure price momentum and trend direction. Positive values indicate bullish momentum, while negative values indicate bearish pressure.
While SUI’s BBTrend remains upbeat, it is down from 15.69 two days ago, indicating slightly weaker momentum.
This decline suggests that although Sui Still in an uptrend and with good momentum, the strength of the bullish trend may be waning.
SUI Price Prediction: Will its price reach $5 in December?
Sui EMA line indicating that it is still in an upward trend, although as the DMI highlights, the strength of this trend is not as strong as before.
If the uptrend continues and Sui price A break above the $4.92 resistance could soon test the $5 mark, setting a new all-time high. With SUI currently trading just 2% below its previous all-time high, bullish momentum could push it into uncharted territory.
On the other hand, if the uptrend weakens and a downtrend occurs, Sui price A test of support at $4.49 is likely first. Failure to hold this level could see the price drop further to $3.65, marking a major reversal.
Disclaimer
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