Sui has rallied 5.16% over the previous 24 hours, bouncing strongly from current ranges. Though the transfer has now encountered technical resistance, the broader market structure remains decisively bullish.
Sui (SUI) price motion has posted a notable 5.16% acquire within the final 24 hours, reflecting renewed purchaser curiosity and momentum. Whereas the short-term rally has approached a neighborhood resistance degree, the general market structure remains firmly bullish. The present price motion is a part of a broader consolidation inside a high-timeframe uptrend, with bulls sustaining management regardless of potential intraday pullbacks.
Key technical factors
- Native Resistance at $3.88: Sui has approached the 0.618 Fibonacci retracement degree, which aligns with the channel midpoint and is presently appearing as resistance.
- Bullish Market Structure: The general development remains bullish with greater highs and better lows nonetheless intact on the macro timeframes.
- Key Help at $3.33: A possible pullback might retest the $3.33 degree, the place a number of confluences together with the VWAP and 0.618 Fibonacci counsel a strong purchase zone.
Sui’s current transfer into the $3.88 resistance zone, which aligns with the 0.618 Fibonacci degree and the midpoint of the ascending price channel, has led to short-term consolidation and a doable delicate pullback. Nonetheless, this resistance is taken into account short-term within the context of the prevailing uptrend.
The subsequent key degree to look at is help at $3.33. This zone marks the channel low and aligns with a number of technical confluences, together with the VWAP and a second 0.618 Fibonacci degree. A transfer right down to this space would seemingly kind a better low, signaling bullish continuation and preserving the macro structure.
Importantly, this situation is just not considered as a breakdown or development reversal. As an alternative, a possible pullback would serve to reset momentum earlier than one other push towards greater ranges, notably the key resistance close to $4.65.
What to anticipate within the coming price motion
If Sui fails to interrupt via the present resistance at $3.88, a short-term retracement towards the $3.33 help degree is probably going. Nonetheless, this might be thought-about a wholesome correction inside a broader bullish development. So long as $3.33 holds, the general structure remains intact, and bulls might goal a continuation towards $4.65 within the close to time period.
