SUI Bulls Maintain Defense at $3.30 Support Level
SUI, a popular cryptocurrency, experienced a striking increase on Tuesday, peaking at $3.59. The ascent could potentially prolong, with experts predicting possible future milestones of $4.63 or even $6.
On the daily chart, SUI decisively broke out of a descending triangle pattern, surpassing the 23.60% Fibonacci retracement level at $3.30. Nevertheless, the price has yet to establish a new "higher-high" (peak) and is currently grappling near the 50-day EMA level at $3.38. The RSI's descent from overbought territory suggests a loss of momentum.
Should the price rebound from the 23.60% level, it may move first to the 38.20% Fibonacci level at $4.63, and then to the psychologically significant $6.00 region. A pullback, however, may find support at the 200-day EMA level at $3.00.
In the futures market, the bullish sentiment is steadily growing. Open interest rose by 2.10% to reach $1.81 billion, while the funding rate climbed to 20.02%. Despite recent liquidations, the market's bullish stance is being maintained, with analysts predicting a trend reversal in the near term.
When considering long-term predictions, forecasts suggest an average price of approximately $3.45 in May 2025, with a range between $3.26 and $3.63. However, the projections for SUI are quite volatile, reflecting the inherent uncertainty in the cryptocurrency markets. Some experts anticipate a potential decline of around 44.81% to reach about $1.996045 by June 22, 2025.
Investing in SUI, a popular cryptocurrency, could potentially benefit from the ongoing bullish sentiment in the futures market, with experts predicting a trend reversal in the near term. Should the price rebound, it may climb towards significant levels like the 38.20% Fibonacci level at $4.63 and the psychologically significant $6.00 region, with support potentially found at the 200-day EMA level at $3.00, thanks to the underlying technology of block chain and its application in finance.
