Following past weeks of correction, SUI recorded a substantial loss but has managed to find solid support. It is now footing a bullish move following a newly formed bullish pattern on the daily timeframe.
Last year trading was a bit rough but SUI managed to end the year on a strong note. It advanced bullish earlier this year but later lost steam after failing to push above the $5.36 level, tested as the all-time high – ATH.
However, the crypto landscape changed last month as the asset saw a temporal shift in trend due to a slight break below $4 – a key support level. The setup got worse and the price tanked to a monthly low of $2.4.
As seen among many other cryptocurrencies, SUI recovered sharply from the monthly dip and held the $2.9 level as support during last week’s trading. The price increased but later stopped after facing hurdles at $3.8. This triggered a sell and the price rolled back.
Surprisingly, it found support yesterday and bounced back yesterday. The bounce restored bullish hope as it formed a double-bottom pattern on the 4-hour chart. A push above previous high would confirm a break.
Invalidating this bullish signal, SUI must fall significantly below the holding support level. This should cause more reduction as it extends bearish correction. Its long-term trend remains bullish but the bears are still in control on the daily chart.
SUI Key Levels To Watch
Source: Tradingview
While $3.8 may pose a threat in the ongoing surge, the next key target resistance for a break-up would be $4.25, before reclaiming $5.36. A new high may surface around $7 in case of a break.
The $2.9 level is now considered as base support. If the price breaks below this level, the next support to watch is $2.4 with a potential breakdown to the $2.
Key Resistance Levels: $4.25, $5.36, $7
Key Support Levels: $2.9, $2.4, $2
- Spot Price: $3.34
- Trend: Bearish
- Volatility: Low
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!
