🚀 $SUI 's Resilience in the Crypto Market: A Strong Recovery Ahead! 🌟
SUI is demonstrating a strong recovery, with solid support between $4.50 and $4.65. Unlike many altcoins, SUI is making higher highs and often acts as a market leader, influencing other cryptocurrencies.
Bitcoin's liquidation ranges from around $93,000 to $95,000, impacting SUI's price. A significant pullback from Bitcoin could pressure SUI, potentially revisiting lower support levels of $4.00 or $3.80.
Key resistance levels for SUI are $4.70-$4.80 and $5.00-$5.10, while strong support is found at $4.15-$4.25 and $3.90-$4.00. Traders should monitor these levels for breakouts or rejections.
Current market sentiment shows more short positions than longs, often leading to recoveries after capitulation events. Traders should practice risk management and confirm breakouts with backtests before entering long positions.
While SUI remains bullish on a macro scale, a short-term bearish divergence is noted as it trades below the 20- and 50-period moving averages on the 4-hour chart.
SUI is likely to retest the $4.80-$5.00 range soon; however, rejection at these levels could lead to a drop back to lower support zones. Traders are advised to use limit orders at strong support levels and avoid emotional trading.
In summary, SUI shows strong potential for growth but is navigating critical resistance levels that require careful observation in the coming days!
