SUI is experiencing a notable pullback after its recent rally, with multiple key support levels coming into focus. As the price edges lower, these areas will play a pivotal role in determining whether the asset can regain its bullish momentum. A strong defense of these supports could signal the start of a fresh upward move, while a failure to hold may lead to deeper declines.
This article aims to assess SUI’s recent price pullback and explore critical support levels that could trigger a potential bullish reversal. By analyzing technical indicators and market conditions, it seeks to provide insights into possible recovery scenarios, highlighting the levels to watch for a sustained upward movement or further downside risk.
Recent Price Action: SUI’s Decline Explained
Recently, SUI’s price has taken a bearish turn on the 4-hour chart, following a rejection at the $2.1 resistance level. Despite this decline, the cryptocurrency remains above the 100-day Simple Moving Average (SMA), indicating that a recovery may be possible, provided buyers regain control and the market shifts back in favor of the bulls.
An analysis of the 4-hour Relative Strength Index (RSI) suggests that bulls could be preparing for a resurgence. Although the RSI has slipped to 55% from the overbought zone, it remains above the crucial 50% mark, indicating that bullish momentum persists. This positioning reflects a temporary slowdown, but as long as the RSI holds above this threshold, the market retains the potential for renewed upward movement.
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Also, on the daily chart, SUI is exhibiting signs of negative pressure, trading above the 100-day SMA. While the price remains above the SMA, this current bearish movement could be short-lived, as there remains a possibility for a price recovery. The positioning above the SMA implies that buyers could step in to reverse the trend if they regain control, potentially leading to a rebound in price.
Finally, on the 1-day chart, a closer examination of the RSI formation indicates that SUI’s price may experience further declines, as the signal line has descended to 69% from the overbought territory. However, there is the possibility of a bullish comeback if the RSI can…
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