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Bulls Push SUI Price Close to All-Time High, Eyeing $5 Target

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SUI price is on the verge of making history, with the potential to reach a new all-time high as it trades just 2% below its previous peak. If bullish momentum continues, SUI could break the $4.92 resistance and hit $5 for the first time by the end of December 2024.

While the uptrend remains intact, indicators like the DMI and BBTrend suggest the trend’s strength may be weakening. Traders are closely watching key levels, as a reversal could see SUI testing supports at $4.49 or even $3.65.

SUI Uptrend Is Still Strong, But Going Down

SUI Directional Movement Index (DMI) chart reveals that its Average Directional Index (ADX) is currently at 23.3, down from 32 just two days ago. The ADX measures the strength of a trend, with values above 25 typically indicating a strong trend and values below 20 reflecting a weak or directionless market.

Although SUI ADX has dipped, it remains close to the threshold for a strong trend, signaling that the uptrend is still intact but showing signs of weakening.

SUI DMI. Source: TradingView

The DMI chart also shows the +DI (Directional Indicator) at 24.4, higher than the -DI at 16.3, confirming that the trend remains upward. However, the declining ADX suggests that the strength of this uptrend is decreasing.

While SUI is still in a favorable position, traders should monitor the ADX closely. Further declines could signal a loss of momentum and a potential shift toward a more neutral or bearish phase.

SUI BBTrend Could Be Losing Its Steam

SUI’s BBTrend indicator currently stands at 13, maintaining positive territory since December 14, after hitting a negative low of -6.74 on December 13.

BBTrend is a technical indicator derived from Bollinger Bands, de

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Author: Tiago Amaral

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