Is SUI Rooting for New ATH As Bull Run Resumes Post Price Dip?

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Is SUI Rooting for New ATH As Bull Run Resumes Post Price Dip？

• Sui Networks SUI has factored in an additional 2.26% price increase over the past day.
• The altcoins daily trading volume incurred a 5.58% dip as per CMC data.

The crypto market has gone bearish in the last 24 hours, having been influenced by Bitcoins returning to the $68K level. The overall crypto market cap has dipped by 0.76% while its daily trading volume shows a 12.89% surge. Meanwhile, within the altcoin sectors, several cryptocurrencies have taken a bullish turn.

Notably, Worldcoin and SUI, two altcoins that incurred recent price drops have shown signs of recovery in the past few days. Specifically, SUI has factored in an additional 2.26% price increase in the last 24 hours. In the Asian morning hours of November 4, the altcoin was trading at $1.85 after which it surpassed the $1.9 level.

The altcoin incurred the aforementioned dip during the middle of October which then sustained for almost 10 days. At the time, SUI returned to the $1.6 level, its previous trading level before the bull run.

However, in the last few days, the cryptocurrency has begun to show bullish signs again and momentarily surpassed the $2 level. At the time of writing, SUI was trading at $1.93 as per CMC data. Additionally, the altcoins RSI indicates a neutral market sentiment standing at 50.91 after briefly leaning towards an oversold situation.

Will SUI Reach New Price Levels？

Inferring to SUIs technical indicators, the altcoin shows positive signs. Its short-term 9-day MA stands close to the 21-day MA exhibiting potential for a bullish crossover as per TradingView data. In case of a continued bull run, SUI might face resistance at $1.99 and $2.14.

Additionally, SUIs bull power indicator value stands at 5.45 while its bear power indicator value stands at 2.61. This suggests a positive sentiment for the altcoin and thus it can be expected to sustain the bull run. The price levels have also been inching closer to its PATH at $2.36.

Meanwhile, other altcoins such as Ethereum and Solana continue to combat consolidation or modest gains over the past few days.