SUI crypto’s price prediction appears to be stuck in a range between $2 and $3 due to stagnant demand, with BTC dominance potentially hindering its recovery. Bulls have been defending the $2 support since March, but there hasn’t been enough demand from the spot market to indicate a strong recovery. The altcoin has held above $2 on the 12-hour chart, which has historically been a strong support level. However, the RSI reading suggests a lack of bullish momentum in the short term, although the Accumulation/Distribution indicator is showing signs of a potential reversal.
Market data from Coinalyze supports the notion of range-bound price action for SUI, with spot market demand easing in April and speculative interest in derivatives remaining relatively stagnant. The high Bitcoin dominance also presents a challenge for altcoins like SUI, potentially capping their price movements. Despite these factors, there is a possibility of a reversal to the upside indicated by the Accumulation/Distribution indicator.
In summary, SUI is likely to continue trading within the $2-$3 range in the short term, given the stagnant market interest and increasing Bitcoin dominance. However, the potential reversal indicated by the Accumulation/Distribution indicator offers some hope for a breakout in the future. Traders should monitor key support and resistance levels, such as the $2 support and the Moving Averages, along with any developments in the overall market sentiment towards altcoins like SUI. As always, caution and risk management are essential when trading in volatile cryptocurrency markets.
