Crypto price prediction: Sui downward trending suggest bullish momentum slow down

 SUI crypto price prediction:

SUI crypto analysis

Sui (SUI) has been showing signs of recovery after experiencing some losses earlier in the week. As of Friday, the price is trading around $5.06, recovering a significant portion of its losses. On-chain data suggests that a potential rally could be on the horizon, as the ratio of long to short positions reaches its highest point in over a month. Additionally, open interest, which reflects the number of active positions, is also increasing, indicating rising market interest. This could signal a positive outlook for SUI's price in the coming days.

Earlier in the week, Sui's price reached an all-time high (ATH) of $5.36 on Monday but experienced a pullback after that. The price dropped and found support around the key Fibonacci level of 61.8%, which is commonly used by traders to identify potential price reversal points. This support level, around $4.45, helped the price stabilize during Wednesday and Thursday. As of Friday, Sui's price is climbing back toward its ATH, signaling renewed investor interest and optimism.

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If Sui maintains its upward momentum, it could be on track to hit a new ATH of $6.35. This price level aligns with the 141.40% Fibonacci extension, which is often used to predict future price targets after a strong rally. Traders and investors will be closely watching how the price performs in the coming days, as breaking through this level could suggest even further gains for SUI.

Looking at technical indicators, the Relative Strength Index (RSI) is currently at 45.72. This is below the neutral level of 50 and is trending downwards, suggesting that bullish momentum is slowing down.

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However all the signs are not very positive. If the price of Sui falls below its recent support level of $4.45, the bullish outlook could be invalidated. In that case, Sui might experience further declines and could test the next support level at $3.94. Therefore, while the technical indicators suggest an optimistic future for SUI, it remains important for traders to monitor the price action closely and be aware of potential risks.