SUI shows signs of a bullish reversal following a slight breakout of a resistance line. Its bearish structure remains intact but is leading the top gainers chart with a traded volume of $400 million in the last 24 hours.
From a peak of $2.2, SUI initiated a drop and lost more than 80% of its value in five months. This broad correction brought a reset in the market and the price bottomed under $0.5 on Monday. It later saw a rejection and bounced back above this price level.
Things heated up the following day and the price surged consistently until it hit a daily high of $0.87. This surge in volatility triggered a slight break out of the four-month resistance line during yesterday’s trading.
Just a few hours ago, the price retraced briefly from that high to where it is changing hands at $0.83. The price looks weak at the time of writing.
However, the daily outlook appeared bullish following this week’s price recovery. A further surge could bring more recoveries in the market. If the price returns to the recent bottom, it may advance a bearish move with a fresh breakdown.
Nevertheless, SUI’s trend is still bearish following a lower low and lower high pattern on the daily chart. A slight shift in this trend may occur if the price increases above the immediate resistance level.
SUI Key Levels To Watch
Source: Tradingview
Sui’s is trading near the $0.9 resistance. If it manages to reclaim this resistance, $1.172 is the next level to watch, followed by the $1.44 resistance.
While the price retraced briefly in the past hours, the recently broken resistance line could provide support. A drop below this line could roll the price back to 0.585 and the weekly $0.463 support.
Key Resistance Levels: $0.9, $1.172, $1.44
Key Support Levels: $0.585, $0.463, $0.3
- Spot Price: $0.83
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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