Sui’s trend continued to advance higher despite market’s correction. It has posted an impressive gain so far, making it one of the best-performer in the past week. The price is up again after dropping in the last two days.
Reaching a multi-month high of $1.44 in the mid-month, SUI pulled back for a week and pinned support above $1 with a doji candle. An imbalance sets in for the token and the price climbed back to the top.
The price is now bouncing back after going through a slight drop last weekend. It is trying to retake the $1.49 level, held as resistance during weekend drops. An increase above this resistance level should fuel more buying pressure in the next couple of days.
Meanwhile, the latest surge is fueled from a minor support level of $1.31. If the price drops off this support, it may roll back to the monthly bounced level. A crackdown from there could lead to a 50% correction before picking up.
However, it is important to note that SUI’s bullish trajectory is still intact from a short-term trend. In fact, the daily volume indicator is sill on the rise, suggesting more increase lies ahead.
SUI Key Levels To Watch
Source: Tradingview
As the price charges back towards last week’s high, a break above it could trigger an increase to $1.6 and $1.8 before testing the $2 resistance level.
A drop below the mentioned minor support could bring the price back to $1, which currently serves as the monthly pullback level. If the price slips below this level, it may encounter support at $0.9 before dipping to the $0.72 level.
Key Resistance Levels: $1.499, $1.6, $1.8
Key Support Levels: $1.31, $1, $0.72
- Spot Price: $1.43
- 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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