After breaking above a resistance line in August, SUI went through a short retracement and regained momentum. It advanced bullishly this month and led daily altcoins rally with 18% gains in the last 24 hours.
Last month saw SUI through an end of a serious five-month correction after testing a low of $0.462 with a sharp rejection. The price increased for a week, breaking through a key resistance line to a high of $1.1.
That high was suddenly rejected and the price fell. This led to a three-week correction before locating support above $0.75 earlier this month.
It resumed buying and tapped the $1 level last weekend. Facing hurdles at this level, the price fell to $0.87 but quickly bounced back as Bitcoin’s price suddenly recovered yesterday. It appeared strongly bullish today.
Now that capital is flowing back into the market as revealed on the daily volume indicator, we can expect notable growth in the future, though the latest buying volume is still relatively low on the monthly scale.
Currently, there is no room for selling. Even though the bears manage to return, they must reclaim August’s low before considering an extension. Conversely, an increase above March’s high would confirm a complete shift in the market structure.
SUI Key Levels To Watch
SUI currently charges towards the $1.172 resistance. A push above this resistance could allow recovery to $1.44 with a potential surge to $1.6 before pulling back. Higher resistance levels to watch are $1.72 and $2 while $2.2 is considered the main breakout resistance for a reversal.
The $0.9 and $0.753 levels currently provide support for the market. If those levels collapse, $0.6 and $0.463 are subsequent support to watch.
Key Resistance Levels: $1.172, $1.44, $1.6
Key Support Levels: $0.9, $0.753, $0.6
- Spot Price: $1.04
- 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.
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