SUI is approaching a pivotal moment as it gears up to retest the $1.45 level following a recent breakout. The surge has placed the cryptocurrency at a crucial juncture, where the bulls must intervene to defend this newfound support. The breakout is still fresh, and momentum is tentative, escalating the contention between bulls and bears. Will the bulls manage to solidify $1.45 as a foundation for further gains, or will selling pressure force SUI back into retreat?
Currently, SUI is trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, yet it’s experiencing a pullback aimed at retesting the $1.45 level. This indicates a possible slowdown in bullish momentum as traders reevaluate key support and resistance zones. Analyzing the 4-hour Relative Strength Index (RSI), there’s a potential for the price to decline toward $1.45 as the RSI drops from the overbought zone to the 50% threshold, suggesting a weakening of SUI’s momentum.
On the daily chart, SUI is showcasing bearish momentum while attempting to retest the $1.45 mark. There haven’t been significant price declines since breaking above the 100-day SMA, hinting that a correction might be imminent. Furthermore, daily RSI analysis shows a drop to 72% from a peak above 77%, signaling waning bullish momentum and possibly indicating the start of price consolidation or correction.
A successful retest of the $1.45 support level could be a defining moment for SUI, potentially paving the way for further upward movement. If the bulls defend this key level, SUI could target higher resistance points, with ambitions set on $2.18 and beyond. Conversely, failure to hold the $1.45 support level might trigger a deeper correction towards the next key support at $1.22. Breaching this level could signal a trend shift, potentially accelerating further downside movement and completing a bearish reversal.
As of now, SUI is trading at approximately $1.74, marking a 13.14% increase over the past 24 hours. The cryptocurrency’s market capitalization stands around $4.6 billion, with trading volume exceeding $1 billion, reflecting increases of 13.14% and 70.81%, respectively.
