SUI Hits $2.47 as EMA Level Looms: Could This Lead to a Major Price Move?

• SUI’s price is approaching a crucial Exponential Moving Average (EMA) level, hinting at a price uptick.
• MACD and RSI technical indicators suggest short-term bullish momentum.

The price of SUI is experiencing a retracement, moving toward its annual Exponential Moving Average (EMA) Prior to this, the level served as a pivotal launchpad for large price movements. As the asset approaches this crucial point, the market is closely watching to see if $SUI will repeat its past price action and trigger a substantial breakout.

Upcoming WAL Listing Sparks Investor Interest

According to an analysis by Marcus Corvinus, the SUI price has recently moved above the trendline, signaling a potential upward trend. A lower support level near 1.90 has been tested, followed by a bounce. This action suggests upward momentum, with price projections reaching levels of $3.00, $4.00, and $5.00

Source: TweetBesides the technical analysis, SUI grows its anticipation with the upcoming WAL listing. It will open up the firm for more attention from traders and, therefore, more trading of the shares through listing SUI has recorded an uptick as the listing nears, casting the possibilities of a price rally once the listing is done.

The surge aligns with a higher low, showing growing market strength. The moving average (MA) is positioned below the current price, reinforcing the idea of an impending bullish trend.

Technical Analysis: MACD and RSI Indicators

According to TradingView observation, the MACD indicator indicates a positive value at +245.74. The histogram below the zero line indicates upward momentum. The MACD line is positioned above the signal line, suggesting bullish sentiment in the short term

Source: TradingViewHowever, a negative value of -447.93 million in the long-term histogram indicates some ongoing bearish pressure. The overall picture indicates short-term growth, but the longer-term trend remains uncertain. The RSI indicator, which gauges the speed and change of price movements, stands at 56.90.

This value indicates that the token is neither overbought or oversold, signaling a neutral market. Since the RSI index is below the 70 mark, there is no indication of imminent overbought scenario. However, the current level suggests moderate strength in the market, with room for further movement without signaling a reversal.

SUI Current Market Performance

Tracking the current market action, CoinMarketCap data indicates that SUI trades at $2.74. It has increased by 4.86% over the past 24 hours, with a market cap of $8.69 billion. The token’s 24-hour trading volume is $1.32 billion, marking a significant 92.36% rise.

***Source:***CoinMarketCapThe price varied to a certain amount and hovered around $2.75, which is presently stable at that level. In the 24-hour trading activity, the volume to market capitalization ratio is 15.12%, and the rate of trading volume to its market capitalization is also good. Its circulation supply is 3.16 billion and the total and maximum is 10 billion. The Fully Diluted Valuation (FDV) is calculated to be $27.42 billion, which would be its value in case all tokens are floated in the market.

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