SUI Crypto Is Bullish: Can Trendline Support Fuel SUI Price to $6 Mark?

• SUI price has slipped below the 20-day EMA and is taking support on the trendline.
• The 24-hour trading volume has dropped by 35% to $1.37 Billion.

Sui’s price has been rising and taking support from an ascending trendline. It made higher highs and higher lows. SUI crypto price underwent selling pressure in the higher high territory and showed weakness. Amid this bearish move, the price has slipped below the 20-day EMA and melted to the ascending trendline.

A crypto analyst suggests that the price was in the buying zone and a bullish momentum can be expected. He highlighted on the chart that the price has been rising in an ascending channel.

Could SUI Price Soar 30% in a Week?

A crypto analyst named Jonathan Carter shared his analysis on X. He believes that the SUI price has the potential to perform positively. The price has been climbing through an ascending channel on the 12-H time frame. At press time, the SUI price was still on the ascending trendline and formed a bullish marubozu candlestick pattern.

SUI coin price has witnessed strong buying pressure on the 100-day moving average. Once the price departs from this territory, it might gain around 30% in a week. Amid this bullish momentum, the expected targets are $5.30 and $60.

Is SUI Ready to Rebound?

Sui crypto was trading at $4.59 at press time which has remained neutral over the past 24 hours. The market capitalization was $13.8 Billion.

Based on the technical chart, the price has been falling slowly in the form of wick rejections. This suggests that buyers are interested.

If the price manages to defend the lower trendline of the channel, it might be a bullish signal. If the price forms any bullish candlestick in this territory on a daily time frame, buyers might be attracted.

If the price surpasses the 20-day EMA, strong buying pressure could be observed. Buyers might eye the $6 mark amid this bullish move. If the price breaks out from the channel, a bullish rally for a longer period could be seen.

On the other hand, if the SUI price dives below the channel, it would be a selling opportunity. If the price loses the support level of $4, investors might panic and may start offloading. Once investors start selling, strong selling pressure can be experienced.

SUI Price Forecast Based on Analysts’ Belief

SUI crypto currently faces critical price movements that could define its immediate future. While it has recently slipped below the 20-day EMA, support from the ascending trendline presents a potential rebound opportunity.

Analysts are optimistic, suggesting that if the price manages to hold above the lower trendline and forms a bullish candlestick pattern, it could attract buyers and push the price toward the $6 mark. A successful breakout from the channel could lead to a sustained bullish rally, potentially resulting in a 30% increase within a week.

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.