Sui Price Prediction 2023: Will it Rise Further in the Future?

• SUI price is currency trading below its 50, 100, and 200 EMA levels.
• Currently, the Sui currency is in the equilibrium zone (both buyers and sellers have equal control).
• The SUI price is expected to rise steadily.

Sui Price is a special blockchain that makes use of the Move language and parallel transaction execution to process transactions significantly more quickly than its rivals. The project is still in its infancy, but it already has a thriving ecosystem of dApps, from NFT and DeFi to GameFi.

SUI: A Further Rise Through a Consolidation

 The current price of the SUI currency is $0.604, down by 0.03% on an intraday trade basis. The total volume traded on a 24-hour basis is 348.07K. The currency has been in a bearish trend since it has been listed. 

As it is a new currency, due to the limited availability of the price data, an analysis of any particular outcome cannot be there, but since it has been listed it has stayed bearish. The buyers have tried multiple times to get an up-trend in the price.

As per the latest reports, due to a contract violation in July 2023, Sui Foundation severed its ties with the decentralized exchange MovEX. They claimed that MovEX had put into circulation about 2.5 Million SUI tokens that were restricted by a contractual lockup. This ultimately led to a sharp fall in the price.

Sui  Exponential Moving Average (EMA) and Moving Average Convergence and Divergence (MACD)

By looking at the chart, the SUI price is currently trading between the levels of 50 EMA and 100 EMA. By referring to the historical price actions, it is expected that the price may rise up to its 10 EMA levels as the buyers have constantly been trying to move the price up. But it may also take rejection at 100 EMA level that might lead to an adverse outcome which is less likely to happen. 

By looking at the MACD (12 and 26) chart, it indicates a possibility of an increase in the price in a smaller time frame.

However, in the longer time frame, the price has always seen a bearish trend, and the same is expected in the future.

Relative Strength Index (RSI)

By referring to the above chart, it can be said that the RSI has been on the rise since the price has taken a break out from its support level. The current level of RSI is 57.32 and hence, it indicates some increase in the price, but it depends on the activity of buyers and sellers.

 

Conclusion

Overall, by looking at all the above indicators, for SUI currency, a specific price movement cannot be commented on, but since it has been in a bearish trend, the buyers need to get aggressive to move up its price. If the SUI price breaks out at $0.614 (50 EMA), investors may see a further rise. 

Technical Levels

• Resistance levels: $0.68 and $0.71
• Support levels: $0.56 and $0.52

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.