After closing last week’s trading above a crucial resistance line, SUI advanced buying this week and reached a new milestone after two months of trading. It signals a bullish move but is currently down on the day.
Lifting off the $0.46 level last week, Sui increased by over 100% and broke out of a crucial resistance trendline, preventing bullish actions for the past four months. It rejected $1.1 two days ago and briefly lost buzz.
While this breakout has triggered a slight shift in the market structure, we can anticipate more positive actions when the bulls return. But for now, it is priced at $0.92, aiming to retest the resistance line as support.
Once a retest occurs, we can expect a fresh increase towards April highs before experiencing a pullback again. A full recovery to March’s high could trigger a major structure breakout to a new yearly high.
However, if the recent recovery turns out to be a retracement of another bearish impulsive movement, the price could floor back to the monthly low before breaking lower.
The recent rise in the daily volume indicator revealed that substantial money is flowing back into the market. If this volume level keeps rising, we should expect more price increases. Things have slowed down a bit due to the latest reductions.
SUI Key Levels To Watch
The closest support level for a bounce is $0.9 and $0.753, testing the trendline. July’s $0.6 support is the next key level to keep an eye on, followed by the monthly $0.463 low. A drop from there should activate more bearish actions.
The $1.172 resistance has suppressed buying pressure in the last few days. If it flips, the $1.44 level would be the next resistance to watch. Above it lies $1.6 and $1.73.
Key Resistance Levels: $1.172, $1.44, $1.6
Key Support Levels: $0.9, $0.753, $0.6
- Spot Price: $0.92
- 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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