2023-05-24
The SUI coin price is currently in a sideways trend, moving between two converging trendlines. The price has bounced off the upper trendline twice and the lower trendline twice, indicating their strong influence on market traders. A breakout from either of the trendlines could trigger a sustained price movement and bring the SUI price out of consolidation.
Source- Tradingview
If the crypto market continues to struggle and remains indecisive, the SUI price may continue its sideways movement. A potential breakout above the overhead trendline could initiate a fresh recovery rally. The current intraday trading volume for SUI is $121.1 million, suggesting a 4.5% loss. The SUI coin is currently trading at $1.058 and is narrowing within the converging trendlines.
A decisive breakout close to the triangle peak is becoming more likely. Traders should wait for a breakout before entering the market. A bullish breakout could lead to a surge in the SUI price, with potential targets at $1.14, $1.24, and $1.37.
On the other hand, a breakdown below the lower trendline could result in a decline to $1 psychological support, followed by $0.925. A breakdown below the support trendline would indicate intense selling and a high possibility of a further decline below the $1 support. The Relative Strength Index (RSI) slope shows a significant rise, suggesting underlying growth in SUI and a higher possibility of an upside breakout.
The 20 and
50 Exponential Moving Averages (EMA) act as dynamic resistance, adding further
obstacles for sellers to push the price lower.
