SUI Retraces and Holds Above $1.30

Sui’s (SUI) price has remained below the moving average lines but above the $1.30 support since November 21.

On December 19, buyers attempted to push the price above the moving average lines but were halted at the 21-day SMA barrier. 

Technical indicators

• 
  Key supply zones: $4.00, $4.20, $4.40

• 
  Key demand zones: $3.00, $2.80, $2.60 

SUI price long-term prediction: bearish

The cryptocurrency price is sliding towards its current support at $1.30. The bears have retested this support three times but were repelled.

On the downside, if the bears break below the $1.30 support, selling pressure will resume. The crypto could return to its October 10 price of $0.61. Subsequently, the bearish momentum may reach the bottom price of $0.56. However, SUI will maintain its range-bound trend if the altcoin retraces and remains above the $1.30 support.

Sui price indicator analysis

The price bars have fallen below the downward-sloping moving average lines. Buyers were unable to sustain bullish momentum after breaking above the 21-day SMA barrier. The price action is characterised by Doji candlesticks, resulting in sluggish and range-bound movement. The price bars remain below the downward-sloping moving average lines, indicating a downtrend.

What is the next move for Sui?

SUI is declining below the moving average lines as it approaches the current support level of $1.30. Since 21 November, the price has traded above the $1.30 support but below the $1.80 resistance level. Doji candlesticks have helped to stem the decline. The altcoin has declined but is still above the $1.40 support.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.