Having bounced back from a major correction phase in the second week, SUI appears strongly bullish on the day following an impressive surge in a week. A strong monthly close could trigger a bullish reversal.
Following a major drop from a high of $5.36 in January, SUI corrected broadly and tested a low of $1.96 three weeks ago. It found a strong footing above this level and went offensive after a sharp rejection.
While trading became more volatile this week, it is back on a buying spree following a major bounce over the past weeks. The latest positive actions reveal a notable amount of volume inflow this week, although there’s no assurance whether the bounce will last or not.
A strong weekly close above the previous monthly high may bring the bulls back in action as they recently lost track. While they are trying to step back, their commitment appears strong to regain control on a daily.
On the other hand, it is important to note that the bears are still around the corner. If they mount pressure again, the price may roll back to the monthly low. That may lead to another major crackdown. But a hold above the monthly high could fuel a fresh increase capable of rallying the price hard to the top.
Source: Tradingview
On the way up, SUI is likely to face resistance at $3.26. A cross above this resistance could fuel more increases to the $3.74 and $4.25 levels.
For a drop, the $2.31 level is the considered a support for pullback, along with the monthly $1.96 low. A crack below it should set the stage for more drops and the next low may surface around $1.6.
Key Resistance Levels: $3.26, $3.74, $4.25
Key Support Levels: $2.31, $1.96, $1.6
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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