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SUI Crypto Price Prediction: Will it Reach New Heights on January 14th?

Munene Timothy by Munene Timothy
January 16, 2025
in Market, News
Reading Time: 5 mins read
SUI Crypto Price Prediction Will it Reach New Heights on January 14th
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  • SUI struggles to break $4.60, with RSI at 43.88 suggesting bearish momentum and weak buyer control.
  • Key support at $4.317 aligns with Fibonacci 0.618, while resistance remains at $5.38, indicating consolidation in an upward channel.
  • MACD hints at early bullish momentum, but weak volume at 6.21M suggests uncertainty in market direction.

On January 14th, at press time, SUI was trading at $4.55, a 1.77% increase in the past 24 hours and a 3.92% rise over the past month. Analyst Rose notes that SUI’s current price action is in a consolidation phase and a successful breakout could lead to new targets on a longer term view.

Anchored VWAP and Momentum Indicators

The anchored VWAP provides key resistance at $4.60, with SUI struggling to break this level after a recent retracement. SUI was trading upwards but retraced, now attempting to regain its levels above $4.60. 

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Source: TradingView

Failure to do so may result in further downward movement. The RSI is at 43.88, indicating weak momentum and a bearish bias, as it fails to break above the 50 mark, showing the underlying selling pressure. 

Additionally, the MACD shows a slight bullish crossover, with the MACD line at -0.0143 crossing above the signal line at -0.0735. However, this early bullish sign lacks confirmation due to weak histogram growth and minimal bullish momentum.

Volume and Key Levels

The trading volume at 6.21M remains moderate, suggesting neither buyers nor sellers are taking control. A substantial change in volume could confirm the next move, whether bullish or bearish. 

If SUI stays below the anchored VWAP at $4.60, a retest of support at $4.57 is likely, with further declines potentially targeting $4.50 or lower. On the other hand, a reclaim of the anchored VWAP, along with increased buying pressure, could push the price toward $4.75 and possibly retest resistance near $5.00.

Moving Averages 

The long term trend is supported by the moving averages. The MA50 remains above the MA200, confirming a bullish trend. A “golden cross” was observed earlier, with the MA50 crossing above the MA200, indicating the start of sustained upward movement. 

Source: Santiment

The price consistently bounced off the MA50 during the rally, confirming it as a short term support level. However, the price  has a slight dip below the MA50, hinting at potential weakening of short term momentum. The price has stayed above the MA200, affirming strong long term bullish sentiment. 

Analyst Longer Term View

According to Rose, SUI’s longer term view shows consolidation within an ascending channel, with key support near $3.9775. This setup suggests potential for bullish continuation, targeting $5.39 and $6.51 if the pattern holds. 

Source: Rose

The price is within an upward channel, where the upper boundary acts as resistance and the lower boundary provides support. The recent rejection from the $5.38 high aligns with this channel’s upper resistance.

Fibonacci retracement levels show immediate support at $4.317, corresponding to the 0.618 Fibonacci level. Deeper retracement levels to 0.786 at $3.97 coincide with prior consolidation zones, indicating stronger support. 

Immediate resistance remains at the recent peak of $5.38, while support levels include $4.317, $3.97, and $3.55, aligning with the channel’s lower boundary. The market shows signs of short term profit taking but retains an overall bullish trend, with a potential breakout above $5.38 leading to renewed bullish momentum.

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