Today marks another great milestone for SUI as it reaches a new all-time high following a major recovery since the start of the week. It appears super bullish daily as it signalled a macro shift in the trend.
Sui has been on fire in the past few days following another major surge from the $1.6 level two weeks ago. The price broke through a monthly resistance to mark a new all-time high at the time of writing.
While the price appeared strong, the bulls are currently gaining control. Though we may see a small rejection around the $3. If that happens, it may lose momentum briefly and pause buying.
However, looking back from where the price bounced back at $0.47 three months ago, Sui has recovered significantly well on the short-term scale. While the market structure has completely shifted to the upside, we can expect a bigger growth in the coming weeks.
A further surge in volatility should produce more gains in the future. Failure to push above the current daily high may result in a drop, which might lead to a small reaccumulation phase before resuming bullish.
But for now, the market is still in favour of the bulls as there are no signs of a retracement yet. The only condition for a bearish shift lies in a rollback to its three-month low. Considering the ongoing positive move, such a scenario looks unrealistic at the moment.
SUI Key Levels To Watch
Source: Tradingview
As the bulls remain in control, a push above the current high could surge the price to $4. The next high may surface around $5 before initiating drops.
The $1.6, $1.18 and $0.85 levels are key supports to watch for a broader retracement. The 2.37 closest support level to watch for a quick rebound is $2.37.
Key Resistance Levels: $3, $4, $5
Key Support Levels: $2.37, $1.6, $1.18
- Spot Price: $2.91
- 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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