After a failed attempt to break higher this week, SUI lost momentum and turned weak. It currently approaches a key monthly low where a major move is likely to occur. The trend is still in favour of the bulls.
Looking back from where the price bounced back in August, SUI has recovered well as it posted over 400% gains near $2.4 in mid-October.
Rejecting that price level, the crypto dropped and tested a low of $1.6 after two weeks of trading. The price resurged this week but stopped at $2.15. It initiated drops and fell to where it currently trades at $1.84.
The bears are showing interest and as we can see on the daily chart, the price is currently weak. A drop below the key $1.6 level – the previous monthly low – could trigger a serious loss in the market with a double-top formation. Such a breakdown could roll the price back to $1.
While there’s still hope for the bulls, we can expect a bounce back if the bulls defend the mentioned previous monthly low well. Otherwise, they may lose control. So far, it’s been an interesting ride for them on a short-term scale but from the look of things, the market appeared due for a correction. SUI should resume buying once it finds a threshold.
SUI Key Levels To Watch
Now that the price is facing down, a break below the previous monthly low could roll the price to $1.18 and potentially $0.85 in no time
The recent bullish stopover is currently held as weekly resistance. A rebound above October’s $2.37 resistance could rally the price to a new high of $3. The higher level for a breakup would be $3.5.
Key Resistance Levels: $2.37, $3, $3.5
Key Support Levels: $1.6, $1.18, $0.85
- Spot Price: $1.84
- Trend: Bullish
- Volatility: Low
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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