The price of Sui (SUI) has fallen below the moving average lines after a setback at $4.40.
Sui price long-term prediction: ranging
The altcoin sank to $3.35 before recovering. Since the rally on July 15, the cryptocurrency has traded in a narrow range between $3.20 and $4.40, as Coinidol.com reported.
Today, on August 26, the cryptocurrency is rising as it remains above the lower price range of $3.20. On the upside, SUI will gain momentum as buyers push the price above the moving average lines. The altcoin will rise to its previous high of $4.40.
However, if the buyers fail to sustain the price above the moving average lines, the altcoin will fall and return to its current support at $3.20. Currently, the price of SUI stands at $3.40.
SUI price indicators analysis
The price of the cryptocurrency has fallen below the 21-day and 50-day SMAs. The moving averages have remained horizontal, indicating a sideways trend. There are candlestick wicks pointing to $4.40. This indicates high selling pressure at the resistance zone.
Technical indicators
Key supply zones: $4.00, $4.20, $4.40
Key demand zones: $3.00, $2.80, $2.60
What is the next move for SUI?
The price of SUI moves sideways, and falls above the lower price level of $3.20. SUI will fall to a low of $2.29 if the bears break through the $3.20 support level.
On the other hand, if the current support of $3.20 holds, the uptrend will resume. However, buyers will come up against moving average lines that stand in the way of a price rise.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are 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.
Source: https://coinidol.com/sui-remains-stable/
