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SUI impressed today with its performance, but will it be enough?
Key Support levels: $1
Key Resistance levels: $1.4, $2
1. Strong Bounce at Key Support
SUI managed to bounce well off the support at $1 and has since rallied by more than 20% from that level. This puts the key resistance at $1.4 as the immediate target.
2. Price Action is Bullish
On the three-day chart, SUI is making higher highs and higher lows. As long as this continues, the bias will remain bullish. This will be re-confirmed if SUI breaks above the $1.4 resistance.
3. RSI Shows Strong Buy Pressure
The 3-day RSI has been above 50 points for months. This is both bullish and indicative of continuation, particularly because it made a higher high at 80 points before this correction started. Now, it has also made a higher low.
Bias
The bias for SUI is bullish.
Short-Term Prediction for SUI Price
It’s important to watch the key resistance at $1.4. If broken, then SUI will be more likely to continue its rally and approach its all-time high at $2.