Can SUI’s Price Smash $5 as Momentum Builds?
in the past few days, Sui The industry has been on an upward trajectory, driven by increased demand and strong bullish sentiment among investors. In early Asian trading on Thursday, the Layer-1 token hit an all-time high of $4.87.
Although the price of SUI has retreated slightly from its recent peak, bullish momentum remains, setting the stage for a potential future rally for the coin.
SUI bulls double down on accumulation
Based on one-day chart evaluation, SUI’s price trend shows It trades on top of the Ichimoku cloud. This indicator tracks the momentum of an asset market trend and identifies potential support/resistance levels.
When an asset price trades above the Ichimoku Cloud, it signals a bullish trend, indicating upward momentum and the potential for additional earnings. In this case, the cloud acts as a dynamic support area beneath the price, supporting bullish sentiment. For SUI, these support levels are located at $4.02 and $3.23.
Readings from SUI Orienteering Index (DMI) confirms bullish strength in the market. At press time, the coin’s positive directional index (blue) is above its negative directional index (orange).
The DMI indicator evaluates the strength and direction of a trend. When the positive indicator is higher than the negative indicator, it indicates that the bullish pressure is stronger than the bearish pressure, indicating an upward trend. This setup suggests buyers dominate the market, which could lead to further price increases if this trend continues.
SUI Price Prediction: $5 is Coming
As of press time, SUI trades at $4.68New resistance formed just below the all-time high of $4.87. If buying activity intensifies, the coin’s price will break this resistance and touch new highs above the $5 zone.
However, an intensification of the sell-off will invalidate this bullish forecast. If SUI holders start booking gains, this will put downward pressure on its price, which could This caused it to fall to $3.83.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
