🚨🚨🚨 $SUI Encountering resistance: Can bulls hold? Pullback pressure emerges!!!
Is SUI’s current price a good entry point? Or should we wait and see if it will fall? Let’s analyze it.
As the price rises to the resistance zone, the demand for SUI begins to be tested. Let’s assess the possibility of it breaking through $1.
It has been almost a week since Grayscale announced the launch of the new Sui fund. The market has reacted positively to the news, and the cryptocurrency is bullish.
Judging from the price trend of SUI, the news has indeed brought a lot of heat. So far, the cryptocurrency has risen by more than 100% from its low price in July.
Bullish expectations have led to a surge in leveraged long positions, which may not be good in the short term. Recent survey results show that the value of long liquidations is as high as $19.52 million.
SUI has been eyeing a price of $1, but recently encountered resistance between $0.95 and $0.96.
This situation, coupled with long liquidations, suggests that breaking through $1 may not be that easy. This also suggests the possibility of profit-taking as the cryptocurrency is now in a historical resistance zone.
Despite the new resistance, SUI bulls have a chance to succeed. The RSI has some room to go before entering the overbought zone.
If the bulls can gather enough momentum this week, the next expected resistance zone will be near the $1.17 price range.
