Starting the year on a bearish note, SUI went through a lot of reductions as the price flipped several key support levels and ended the first quarter at a loss. It currently appears weak daily as it sets to advance drag down.
Looking back from when the price started to fall on January 6, SUI recorded a lot of losses and now looks highly bearish on the daily chart. In fact, the asset is yet to slow down as it recently resumed selling.
Prior to the latest drop, it saw a small gain during last month’s recovery. That led to a pause in the short-term fall, but it eventually lost steam and resumed bearish after failing to push above the key $3 level. This led to a painful week as the crypto lost over 15% of its value.
However, there’s still hope for a rebound if the bulls can defend the previous monthly low well. If they fail, we can expect an extension.
No doubt, the bears are fully back in action, and as it stands now, they are on the verge of reclaiming the previous low. A breakthrough that low could trigger a big collapse to under the $1 level in the far term.
SUI Key Levels To Watch
Source: Tradingview
Following this latest drop, the bears may face small hurdles at $1.96. A breakdown there could slide the market to $1.6 and potentially $1.1.
If a bounce occurs, it must reclaim the recently lost $2.83 resistance level before considering an increase to $3.26. The $3.74 level is the next resistance to watch.
Key Resistance Levels: $2.83, $3.26, $3.74
Key Support Levels: $1.96, $1.6, $1.1
- Spot Price: $2.2
- Trend: Bearish
- 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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