SUI Price In Buying Zone, Exceeds 20-day EMA; Going For $5 Mark?

• Sui price has been rising by taking support on an ascending trendline.
• SUI price surpassed the 20-day EMA, showcasing a bullish forecast.

Sui price has been in a bullish trend since September, having risen by 475% till press time. The price has been taking support on an ascending trendline but is struggling to exceed the $5 mark. At press time, the price was trading at the trendline and formed two consecutive green candlesticks.

According to the chart structure, the SUI price has generated a bullish momentum on the trendline. This scenario suggests that the price is ready to shoot up soon.

The SUI chart showed the cryptocurrency’s potential to return to the $5 mark by highlighting a strategic positioning above a significant swap volume area.

This region, crowded with trading activity, is a critical turning point for future price movements because it has served as both support and resistance.

SUI Price Overview: Ready for Another Bullish Move?

Sui crypto was trading at $4.35 at the time of writing which has remained unchanged for the past 24 hours. The market capitalization was $13.09 Billion and the 24-hour trading volume was $817.31 Million.

Mid-December, buyers attempted to overcome the $5 mark but couldn’t. Here, sellers dominated and dragged down the price to the trendline. However, buyers have bounced back which could lead to a bullish move.

Once the price manages to defend the trendline and holds over the 20-day EMA, buying momentum could be seen. Based on the chart structure, the price has been rising in higher highs and higher lows format. At press time, the price was in a higher low territory. Once it departs from this zone, the price is expected to record a new higher high.

Alternatively, if the SUI coin price slips below the trendline, buyers might lose control. Losing this trendline could bring fear among buyers and investors. Here, most investors and traders might prefer to book profit. Profit booking could lead to strong selling pressure.

RSI has triggered a golden crossover with the RSI-based moving average, showcasing the bullish forecast.

SUI Perpetual DEX Overview

ToreroRomero is a crypto analyst who has highlighted the growth of TVL. SUI’s Perpetual DEX saw a remarkable increase in total value locked (TVL), rising by 450% in just two months to reach $100 Million.

This substantial increase began in early November 2024 at a base of about $18 Million. TVL’s dramatic increase, especially in December, suggested that the platform was seeing more activity.

A new high for the exchange was set as the TVL rose to its highest point near the end of the year. This growth indicated the possibility of additional expansion and, if the trend continues, could signal an impending rally.

SUI Price Analysis Amid Increased TVL

Sui’s price performance suggests a compelling bullish outlook as it maintains support on an ascending trendline. Moreover, it surpassed the 20-day EMA.

Recent price action, including the formation of consecutive green candlesticks, indicates momentum towards the potential $5 mark. The significant trading volume area presents both opportunities and challenges, with past resistance points playing a critical role in future movements.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.