The cryptocurrency market has seen a strong bullish rally over the past day as Bitcoin price reclaimed $63,000. Additionally, Sui Coin price has also regained momentum and is on the verge of reclaiming the $2 mark.
Will the Sui cryptocurrency price overcome all resistances and set a new all-time high this month? Or will the Altcoin experience a bearish reversal and fall towards its underlying support levels? Scroll down to uncover the mysteries of the Sui (SUI) crypto token’s short-term trend.
Sui Token Breaks Important Resistance Level:
Sui prices have risen by about 12% over the past day, with trading volume reaching $942.14 million. In addition, Sui has risen by 122.84% over the past month, with a year-to-date return of 148.59%. 
Furthermore, the Altcoin is currently trading at a discount of about 10% from its all-time high (ATH) of $2.18. Meanwhile, the circulating supply of SUI tokens is 2,763,841,373, with a market cap of $5.34 billion, already ranking 19th on the global cryptocurrency list.
The relative strength index (RSI) continues to hover above the overbought zone on the daily chart. Moreover, its average trendline is showing a potential bullish convergence, which suggests positive movement expectations for the Altcoin in the future.
The 50/200-day exponential moving average (EMA) shows a significant uptrend in the SUI price chart. This suggests that the Altcoin is likely to continue to gain value in the coming week.
Can SUI price hit a new all-time high this month?
If it can sustain the price above the $1.90 support, the SUI could retest its all-time high of $2.1850 in the future. Moreover, if the bullish sentiment in the market further increases, the SUI is expected to hit the overhead high of $2.50 this month.
Conversely, if there is a bearish reversal, the SUI price might drop back to the $1.90 support. Moreover, if the bearish sentiment intensifies, the Sui coin price might drop towards its lower support at $1.6060.
