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The weekend was anything but boring for SUI holders. The price action resembled a thrilling amusement park ride, with dizzying highs, sudden drops, and a chaotic consolidation phase that left traders scratching their heads. Let’s dive into this adventurous price journey of November 12, 2024 and a dose of technical insight.

Sui price analysis: SUI’s rollercoaster: From a rocket launch to a shaky landing — Source: TradingView

Act I: The Ascent – SUI Goes Parabolic

The weekend started with SUI making an explosive move, climbing from around $2.30 to a euphoric peak of $3.30, marking a jaw-dropping +36.7% gain. Traders were celebrating like it was Christmas in November. Social media buzzed with “SUI to the Moon!” posts, and anyone not holding SUI suddenly felt a severe case of FOMO (Fear of Missing Out).

The chart’s steep climb was nothing short of heroic, fueled by a cocktail of bullish momentum and market excitement. The green support zone around $2.80 acted as a trampoline, propelling SUI into orbit.

Act II: The Plateau – The Calm Before the Storm

After reaching its peak at $3.30, SUI seemed to pause, catching its breath. The market entered a tight consolidation phase between $3.14 and $3.20, creating a red resistance zone that traders were eyeing like hawks.

This was the crypto equivalent of standing in line for the next rollercoaster drop—everyone knew something big was about to happen, but no one could predict which way the market would swing. The candles started forming a zigzag pattern, hinting at indecision.

Act III: The Downward Spiral – SUI’s Shaky Landing

As the weekend drew to a close, the gravity of profit-taking kicked in. The price dipped back to $3.14, testing the patience of traders who were expecting another leg up. Support levels around $3.10 barely held the line, while resistance at $3.20 became the new wall that SUI struggled to breach.

Traders who bought the top at $3.30 likely experienced the dreaded “hodler regret” phase, questioning their life choices while vowing to “never FOMO again” (until the next breakout, of course).

Technical Analysis

Support and Resistance

Support Levels:
- $3.10: The green zone acting as the last line of defense for bulls.
- $2.80: The trampoline that previously launched SUI to new highs.
Resistance Levels:
- $3.20: A brick wall that bulls need to shatter to regain momentum.
- $3.30: The psychological barrier that SUI briefly conquered before retreating.

Relative Strength Index (RSI)

Current RSI Value: 45.19
- The RSI is in the lower neutral zone, indicating that the momentum is slightly bearish but not yet oversold.
Trend:
- RSI has been fluctuating between 40 and 60, a typical sign of consolidation.
- Earlier peaks on RSI above 60 suggest that there was some bullish activity, but it has since cooled off.
Key Observations:
- RSI has crossed below its RSI-based moving average, which points to fading bullish momentum in the short term.
- The absence of a significant oversold or overbought condition suggests that the market is currently in equilibrium.

RSI-Based Moving Average (MA)

Current Value: 54.79
- The RSI-based moving average is still above the RSI value, suggesting the recent trend was bullish but momentum is now declining.
Observations:
- RSI is attempting to catch up to the moving average, which might lead to a possible reversal if RSI re-crosses above this line.

Bollinger Bands

Current Bollinger Bands Levels:
- Upper Band: 4.15%
- Middle Band (SMA): 4.75%
- Lower Band: 3.56%
Analysis:
- Price Position: SUI is currently moving in the lower half of the Bollinger Bands, indicating bearish pressure.
- Volatility: Bands are relatively narrow, suggesting lower volatility and a period of consolidation.
- Breakout Potential: If the price breaches either the upper or lower band, it could signal the beginning of a new trend.

Overall Interpretation

Momentum: The RSI suggests that momentum has slightly shifted bearish, but it remains within a neutral range, indicating indecision in the market.
Volatility: The tight Bollinger Bands reflect a consolidation phase with potential for a breakout.
Outlook: Watch for RSI moving above its moving average for a possible bullish reversal, or for the price to interact with the Bollinger Bands for directional confirmation.

This combination of indicators suggests that traders should remain patient and watch for the next breakout or breakdown before entering positions.

The Big Picture

SUI’s wild weekend ride showcased the classic crypto cycle—explosive gains, brief consolidation, and a healthy correction. While the initial rally was impressive, the inability to maintain higher levels indicates that the market may need a catalyst to push prices higher.

Summary: SUI may have slowed down after its meteoric rise, but the price action shows that the coin is far from boring. Watch for a breakout above $3.20 or a breakdown below $3.10 for the next leg of this thrilling journey!

Author
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Roman Blecha

I have 6 years of writing experience on several leading websites dealing with cryptocurrencies and other investments. I have been in the Web3 sector for a similar amount of time and have collaborated on several projects from NFT to P2E. My previous experiences: Business2Community.com, TradingPlatforms.com, CryptoSvet.cz