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but It is witnessing a significant pullback after its recent rise, with several key support levels in focus. As the price declines, these areas will play a pivotal role in determining whether the asset can regain its value rising batch. Strong defense of these support levels may signal the start of a new upward movement, while failure to hold may lead to deeper declines.
This article aims to evaluate the recent pullback in SUI price and explore important support levels that could lead to a potential bullish reversal. By analyzing technical indicators and market conditions, it seeks to provide… Visions In potential recovery scenarios, highlighting levels to watch for sustained upward movement or further downside risks.
Recent Price Action: SUI Retracement Explained
Recently, SUI price took a bearish turn on the 4-hours chart, after being rejected at the $2.1 resistance level. Despite this decline Cryptocurrency The pair remains above the 100-day simple moving average (SMA), suggesting that a recovery may be possible, provided that buyers regain control and the market turns back in favor of the bulls.
Analysis of the 4-hour Relative Strength Index (RSI) indicates that bulls may be preparing for a recovery. Although the RSI has fallen to 55% of the overbought zone, it is still above the crucial 50% mark, indicating continued bullish momentum. This situation reflects a temporary slowdown, but as long as the RSI remains above this limit, the market holds possible To renew the upward movement.
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Also on the daily chart SUI is showing signs of negative pressure, trading above the 100-day simple moving average. While the price remains above the simple moving average, this current downward movement may be short-lived, as there is still potential for the price to recover. A position above the simple moving average (SMA) indicates that buyers could step in to reverse the trend if they regain control, which could lead to a price rebound.
Finally, on the daily chart, a closer examination of the RSI formation suggests that the SUI price could face further declines, as the signal line has fallen to 69% of the overbought zone. However, there is potential for a bullish return if the RSI manages to maintain its position above the 50% threshold.
Key Support Levels: Where Can SUI Buyers Step In?
SUI is approaching critical support levels that could attract buyers and trigger a recovery. The initial key level to watch is the $1.4 support area, which could serve as a critical point for renewed bullish interest.
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If buyers intervene at this level, SUI could bounce towards the $2.1 resistance mark. Successful penetration above this resistance It could pave the way for the formation of a new all-time high, indicating a strong comeback.
However, if it is $1.4 supports If the level fails, the next critical area to watch is around the $1.1 mark, where a stronger support base could form as the price continues to fall. Maintaining these levels is crucial as it will determine whether SUI can regain upward momentum or remain vulnerable to further downward pressure.
Featured image from YouTube, chart from Tradingview.com