Since the price recovered significantly from the bottom last month, SUI has been in an upward range as demand level rises. Its popularity is becoming strong by the day following a steady price growth.
The past couple of weeks have been an interesting period for SUI as it continued to gain traction daily. The bulls appeared back in control after suffering a huge loss over the past months.
Its latest bullish move was activated by a quick buyback from the $0.46 zone in August after a four-month dip. Rejecting the key $1 level in the late month, the price pulled back and later located support above $0.75.
It regained momentum and started this month on a positive note. The asset has remained strong ever since as it keeps growing daily despite experiencing a shrink in volatility.
Today, buying volume increased and the price broke to a new high for the first time in three months. This breakout signalled a short-term rally and as we can see, it is poised for a bigger move while sitting at May’s high at the time of writing.
If a drop occurs, the price may undergo a small pullback before initiating the rally. It is important to note that the trend has changed on the daily chart following August’s break above the resistance line. A recovery above the yearly $2.2 high should activate a long-term rally.
SUI Key Levels To Watch
Now that SUI is showing strong sign of bullish, the potential resistance level to watch for a test is $1.44 and $1.72. Subsequent resistance level to keep on mind is $2.
In case of a drop, the nearest level for pullback is $0.9 while the $0.753 support stands as monthly low. Losing it could trigger a roll back to $0.6 and $0.463.
Key Resistance Levels: $1.44, $1.72, $2
Key Support Levels: $0.9, $0.753, $0.6
- Spot Price: $1.17
- 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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