Amid the latest market turmoil, SUI’s price appears strong as it posted minor gains today. While the trend remains bearish daily, it may join the ongoing dip if the price continues to face rejection.
The past three days saw SUI through a small recovery from the recent dip. This recovery came after initiating another drop on Monday.
Unfortunately, the overall crypto recovery was short-lived due to an overnight drop in Bitcoin’s price, and the market declined. While today marks another downturn in altcoin prices, SUI remained strong and continued to post gains daily. Although the gains have become minor after rejecting $3. It may resume bearish anytime soon following a new lower low and lower high formation on the 4-hour chart.
The current rejected high might pose more threats in the future. As of now, the buying pressure has slowed down. If that continues to happen, the price may drop and lose momentum until it finds support. A hold above the previous low could trigger a potential shift.
Looking at the current price actions, SUI has yet to signal a buy. It must break above the previous high before we can consider a bullish move. From a technical standpoint, the bears are still in charge. For this reason, it will likely see more drops in the future.
SUI Key Levels To Watch
Source: Tradingview
Considering the bearish formation on the 4-hour chart, SUI’s next selling target would be $2 after passing through the current $2.26 support. The lower level for further drops is located at $1.6.
If the price increases above the previous $3.26 high, the next line of resistance would be $3.74. Higher resistance levels for a shift are $4.24 and $5.36.
Key Resistance Levels: $3.26, $3.74, $4.25
Key Support Levels: $2.26, $2, $1.6
- Spot Price: $2.78
- Trend: Bearish
- Volatility: Low
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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Source: https://nulltx.com/sui-price-analysis-prediction-march-7-sui-posts-5-amid-latest-clampdown-can-it-sustain-momentum/