What to know:
- SUI price holds the $0.66–$0.67 support zone, with buyers showing signs of accumulation.
- A breakout above $0.70–$0.72 could strengthen the recovery and open the path toward $0.75679.
- Technical indicators remain cautious, although the MACD suggests bearish momentum is easing.
SUI price shows initial signs of bottoming out following its weak performance in recent trading periods. Investors have noted the range of $0.66-$0.67 as a vital support area and potential accumulation zone. A continued consolidation at these levels might allow SUI to test higher levels in the upcoming sessions.
At the time of writing, SUI is trading at $0.6916, with a 24-hour trading volume of approximately $204.98 million and a market capitalization of $2.81 billion. The token has slipped just 0.19% over the last 24 hours, showing that selling pressure has remained relatively limited despite the lack of strong upward momentum.
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SUI Price Shows Signs of a Potential Rebound
On August 9, a crypto analyst, BitGuru, noticed indications of accumulation in the $0.66-$0.67 range. From the analysis, it is evident that the SUI price is beginning to bounce back, having found buyers in this range.
The significance of the $0.66-$0.67 range lies in the fact that it will decide whether the current rally ends up growing bigger or fizzles out. Should the price manage to stay above this level, the subsequent upward levels to be aware of include $0.70-$0.72.
A shift towards that area will also allow the SUI price to rise above a critical technical level and boost market sentiment in the short term for the token.
That being said, confirmation is required for a better recovery for SUI. Failure to remain in the accumulation area may lead to a reversal and trigger new selling pressure for the coin.
SUI Price Faces Weak Short-Term Momentum
Technical Indicators indicate that SUI has not developed any significant bull market trend. SUI is trading at $0.6916, below the middle line of the Bollinger Bands, indicating that the direction is short-term and that buyers are not strong enough to push the price up. The top line of the Bollinger Bands is $0.75679, while the bottom line is $0.64484.
A break above $0.70082 indicates bullish power. Holding above this level will see SUI move up towards $0.72 before approaching other resistances. In case the pair falls below the support level of $0.64484, it might show a weakening in recovery mode.
The MACD for SUI has been recorded at -0.01380 compared to -0.01444 for its signal line. This means that the histogram reading is approximately 0.00064.
The readings are still in negative territory, but the slight positive difference indicates that bearish momentum might be losing some steam.
If the MACD indicator continues improving and turns positive, as well as if there is a breakout above $0.70, then the bullish outlook will be more reinforced for SUI’s turnaround.
SUI Price Could Extend Recovery if Resistance Breaks
For the time being, $0.70–$0.72 will be the objective for SUI. The breakout above $0.70082 will be significant as it will take out the Bollinger Middle Band. In case of a move above $0.72, the objective will be the Upper Bollinger Band at $0.75679.
However, the failure of the re-test of $0.70 could continue SUI’s resistance. The drop towards $0.66–$0.67 would be a good opportunity for the accumulation theory to be tested, while any drop below the lower Bollinger Band around $0.64484 could undermine its recovery structure.
Currently, the chart is being very conservative and lacks decisiveness. Accumulation in the range of $0.66–$0.67 and a reduction in the MACD can provide some hope, although SUI price should still confirm its resistance.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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