Sui price has been down 20% in the final 4 weeks. Nonetheless, there are situations for the subsequent short-term leg up primarily based on insights from Coinpedia Markets.
In response to their current tweet, SUI is up 8% at present and at the moment buying and selling round $3.25. The important thing factor to look at is whether or not the value can maintain above the $3 degree. This zone is performing as a short-term assist and might be the base for a brand new push upward if bulls maintain management.
Holding $3 May Be a Turning Level
The $3 mark has grow to be a transparent line in the sand. If SUI stays above this assist, analysts at Coinpedia consider the value might rise towards $3.42, which is the subsequent resistance on the chart. If that degree is cleared with sturdy momentum, then SUI might even make a run towards the $3.75 area, which acted as a neighborhood high just some days in the past.
the RSI, it’s at the moment at 57, which nonetheless offers room for development earlier than reaching overbought ranges. This suggests consumers nonetheless have area to push costs greater with out dealing with sturdy promoting strain. The MACD histogram additionally stays inexperienced and optimistic, that means momentum continues to be favoring the bulls at this stage.
Chart Construction Reveals Attainable Breakout Path
From the chart, the construction is forming a possible continuation sample the place a break above the $3.42 degree might result in a quick transfer towards $3.75. If that occurs, it will sign sturdy purchaser curiosity and may open the door to even greater ranges.
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For now, holding $3 is the key. If that assist breaks, the setup might rapidly flip bearish once more. But when SUI value continues to search out energy above $3, then this might be the starting of the subsequent short-term leg greater.
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