SUI is showing signs of a bullish trend reversal after a minor breakout of a resistance line. Its bearish structure remains intact but tops the list of top gainers with a trading volume of $400 million in the last 24 hours.
From a high of $2.2, SUI started a decline and lost more than 80% of its value in five months. This broad correction led to a market reboot and the price fell below $0.5 on Monday. It was later rejected and recovered back above this price level.
The next day was a hot one, with the price rising steadily until it reached a daily high of $0.87. This increase in volatility triggered a minor breakout above the four-month resistance line in yesterday’s trading.
Just a few hours ago, the price briefly fell back from this high and is now trading at $0.83. At the time of writing, the price looks weak.
However, the daily outlook appeared optimistic after this week’s price recovery. A further increase could lead to further rallies in the market. If the price returns to the recent low, it could start a bearish move with another dip.
Nevertheless, SUI’s trend is still bearish, following a pattern of lower lows and lower highs on the daily chart. A slight trend reversal may occur if the price rises above the immediate resistance level.
Important SUI levels to watch
Sui is trading near the resistance level of $0.9. If it manages to reclaim this level, $1.172 is the next level to watch, followed by the resistance level of $1.44.
While the price briefly declined in the past few hours, the recently broken resistance line could provide support. A drop below this line could push the price back to $0.585 and the weekly support of $0.463.
Important resistance levels: 0.9 USD, 1.172 USD, 1.44 USD
Important support levels: 0.585 USD, 0.463 USD, 0.3 USD
- Spot price: $0.83
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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