Despite the latest decrease in the market cap, causing most altcoins to dip, SUI defied odd and posted an impressive gain overnight. Following the latest surge in volatility, it is leading the altcoins rally at the time of writing.
After taking off from $0.37 late last year, SUI increased steadily for three months and reached a peak of $0.95 earlier this month.
It paused the rally and pulled back. This week, the token found support above the $0.7 level and bounced back with a notable surge above $1 in the mid-week. It advanced higher yesterday and tapped $1.25 an hour ago.
Considering the impressive performance in SUI’s price so far, more positive actions will likely surface as it may end this week’s trading on a strong note. If the asset loses buzz before the end of today, we may see a short retracement to around $1 before resuming bullish in the next few days.
There’s no room for the bears amid the latest price surge. The only condition for bearish actions lies in a trend reversal. Even if that happened, the price must dip below its 3-month low before we can confirm bearish. But as it stands now, the bulls are in charge.
SUI Key Levels To Watch
While SUI is worth paying attention to now, the potential resistance levels to consider for a bigger surge are $1.38 and $1.499. If these levels flip due to an explosion, the next resistance to watch would be $1.6.
But with the setup, we may see a slight pullback to a close support of $1.1 before resuming the surge. A deep pullback below this support could dip the price to the psychological $1 level, followed by $0.95 and $0.9.
Key Resistance Levels: $1.38, $1.499, $1.6
Key Support Levels: $1.11, $1, $0.9
- Spot Price: $1.24
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: kwy09/123RF // Image Effects by Colorcinch