Sui (SUI) is facing resistance near the $4.50 level, but the bulls are still holding their ground against pressure from the bears, indicating continued bullish expectations.
The SUI/USDT pair could drop to $3.94, followed by the 20-day EMA line at $3.66. If the price recovers from the 20-day EMA line, the bulls will attempt to overcome the resistance level at $4.50. If successful, the SUI/USDT pair could enter the next bullish phase up to $5.31.
However, a slight concern is that a negative divergence signal is forming on the RSI indicator. If the price breaks below the 20-day EMA line, it suggests that the bulls are taking profits, pulling the price down to the 50-day SMA at $2.93.
SUI/USDT 4-hour chart | Source: TradingView
Failing to break through the $4.50 price level could cause this token to drop to $4. This is an important support level to watch, as if the price strongly rebounds from this level, the chances of the price rising back above $4.50 will be higher.
Conversely, if the price breaks and closes below $4, this indicates that the bears are regaining control. At that point, the price could drop to the 50-SMA. If this support level is also broken, the token could plummet to $3.
