The Sui Network [SUI] is currently displaying a highly optimistic long-term perspective. Over the past four months, it has demonstrated impressive performance, achieving a substantial surge of close to 500%. A recent 4.8% downturn in the value of Bitcoin [BTC] within the last 24 hours led to an 8.6% decline in Sui prices.
An observed decrease in buying activity in recent days hints that Sui bulls may be patiently waiting before initiating the next significant upward movement.
Anticipated Growth for Sui Coin Above $5 Threshold
In the daily timeframe, Sui’s price movement has been notably bullish, forming higher peaks and higher troughs since late October. The uptrend commenced in September with the breach and subsequent retest of the $0.9-$1 resistance-turned-support region.
Trading volume has slightly decreased over the past month, indicating a weakening buying force. This trend is reflected in the A/D indicator, which has notably slowed down, particularly in the last week.
The Ichimoku Cloud maintains its bullish stance, signaling robust support at $3.2 and around $4.1. The cloud appears dense, illustrating strong upward momentum over the previous month.
Currently, the 23.6% extension level is functioning as immediate support. Despite potential volatility, the next anticipated target is more likely to be $5.38 rather than $3.5 or lower.
Short-Term Price Range for Sui Network
Earlier this month, the $4.5 Fibonacci extension level acted as a resistance point but has now transformed into a support zone. Analysis over a two-week period indicates a concentration of liquidation thresholds at approximately $4.3 with another liquidity accumulation area at $5.
Throughout the past week, the price has fluctuated between these two levels, elucidating the formation of a liquidity reserve. The recent Bitcoin price decrease alongside Sui’s consolidation phase suggests that this range-bound pattern may persist for a few more days.
Disclaimer: The provided information does not constitute financial, investment, trading, or any other form of advice and solely represents the author’s viewpoint.