Strong Bounce at Key Support
SUI has shown a strong bounce after hitting the support level at $1. The price has surged by over 20% from that point, with the immediate target now being the resistance level at $1.4.
Price Action is Bullish
Looking at the three-day chart, SUI is consistently making higher highs and higher lows. This indicates a bullish trend, and as long as this pattern continues, the bias will remain in favor of the bulls. A confirmation of this would be if SUI breaks above the $1.4 resistance level.
RSI Shows Strong Buy Pressure
The three-day RSI has remained above 50 for several months, which is a bullish sign. Additionally, before the recent correction, it reached a higher high at 80 points, further indicating strength. Currently, it has also formed a higher low.
Bias
The overall bias for SUI is bullish.
Short-Term Prediction for SUI Price
The key resistance level to watch is $1.4. If SUI manages to break above this level, it is likely to continue its rally and approach its all-time high of $2.
Hot Take: SUI’s Impressive Performance
SUI impressed today with its performance, but will it be enough?
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.