What to know:
- SUI price is holding near the key $0.67 support zone, with price at $0.6757 and market cap around $2.75 billion.
- Michaël van de Poppe sees SUI as an accumulation zone, with a potential recovery target near $0.745.
- Bollinger Band support sits at $0.66844, while a break above $0.68332 and $0.69820 could strengthen bullish momentum.
SUI price is hovering around a significant level of technical support as the coin finds itself trading in the lower part of its range recently, raising questions about whether a bounce back might form in the days ahead.
At the time of writing, SUI is trading at $0.6761, with 24-hour trading volume of approximately $159.44 million and a market capitalization of about $2.75 billion. The token is down around 0.25% over the last 24 hours, showing that buyers have yet to establish a clear short-term recovery.
This structure has garnered some interest from crypto analyst Michaël van de Poppe, who stated on August 17 that he sees SUI as an interesting accumulation zone. The analyst’s views are based on how the token behaved during its recent pullbacks and also considering the possibility of the market getting ready for a new advance.
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SUI Price Faces Two Possible Paths
Van de Poppe has provided two possible scenarios regarding SUI. The first scenario involves the latest drop towards or below the previous low being a higher low at $0.6725. In the event that this price level remains intact, van de Poppe forecasts SUI to head up rapidly with a possible resistance zone at $0.745.
The second scenario is somewhat pessimistic. Should the cryptocurrency market decline on a weaker Bitcoin, van de Poppe would look to buy SUI below the price of $0.65.
This means that the zone between $0.65-$0.67 will be of great importance. Successful defense may support the case for recovery, while falling further down will focus attention on entry below this level.
SUI Price Remains Close to Bollinger Band Support
The SUI price is trading at $0.6761. It is below the middle Bollinger Band of $0.68332 and just near the lower band of $0.66844. The upper band of the technical indicator stands at $0.69820. Thus, the stock is on the lower side of the range. Above $0.68332, there can be a rise, whereas below $0.66844 can cause more bearishness.
MACD has a positive histogram value of 0.00079 that depicts the decline in selling pressure. The MACD line is at -0.01098, which is above the signal line of -0.01177. There is a very mild bullish indication. However, the lines are still below zero.
What Happens Next for SUI Price
The coming sessions could prove crucial for knowing if SUI will convert its existing support into a recovery.
Firstly, one needs to observe the $0.66844 level. Above this zone, the higher low will remain intact. Afterwards, SUI will be required to break $0.68332 and $0.69820 to indicate an improvement in momentum.
A more convincing breakout may take the price towards $0.745, which corresponds to the resistance level noted by van de Poppe.
Meanwhile, a strong breakdown below $0.66844 will elevate the risks on the downside and make the $0.65 level more relevant. It could come under added pressure if there is also a pullback from Bitcoin.
What it all means is that SUI is currently at a critical technical juncture. While the token is near support to give it an upside chance, confirmation of the bull case can only come from a breakout above resistance levels.
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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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