SUI Faces A Pullback: Here Are Potential Bullish Turnaround Points
09 Ottobre 2024 - 8:30PM
NEWSBTC
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. Related Reading: SUI Continues Bullish
Run, Surges 45% In The Past Week — What Next? 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 maintain its position above the 50% threshold. Key Support
Levels: Where Could SUI Buyers Step In? SUI is approaching critical
support levels that could attract buyers and trigger a recovery.
The initial key level to monitor is the $1.4 support zone, which
could serve as a critical point for renewed bullish interest.
Related Reading: Can SUI Fall To $1.40? On-Chain Data Exposes
Declining Demand Should buyers step in at this level, SUI might
rebound toward the $2.1 resistance mark. A successful breakout
above this resistance could pave the way for the formation of a new
all-time high, signaling a strong resurgence. However, if the $1.4
support level fails, the next critical area to watch is around the
$1.1 mark, where a stronger base of support could form as the price
continues to decline. Maintaining these levels is crucial since it
will determine whether SUI can regain upward momentum or remain
vulnerable to more bearish pressure. Featured image from YouTube,
chart from Tradingview.com
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