SUI Price Analysis: Will Bulls Defend $1.45 Support After Breakout?
SUI Poised for a Retest: Bulls on the Defensive
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The cryptocurrency market is in a constant state of flux, and SUI is no exception. Following a recent surge and breakout, the coin is now facing a crucial test as it approaches the $1.45 level. This retest will determine whether bulls can defend this newly established support or if selling pressure will push SUI back into retreat.
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This analysis will delve into the technical signals, market sentiment, and bullish momentum to assess SUI’s potential as it prepares for this pivotal retest. We’ll explore whether the bulls have the strength to solidify $1.45 as a foundation for further gains or if a correction is on the horizon.
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Technical Analysis: Signs of a Potential Pullback
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While SUI’s price is currently trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, there’s a noticeable pullback underway, suggesting a potential retest of the $1.45 level. This pullback could indicate a slowdown in bullish momentum as traders assess key support and resistance zones.
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The 4-hour Relative Strength Index (RSI) further supports this potential decline. The RSI line is dropping from the overbought zone towards the 50% threshold, indicating that SUI’s upward momentum might be waning.
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On the daily chart, SUI is exhibiting bearish momentum as it attempts to retest the $1.45 mark. The absence of any significant price drops since the breakout above the 100-day SMA suggests a potential correction might be approaching.
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A closer analysis of the RSI signal line on the 1-day chart reveals a drop to 72% after peaking above 77%. This decline from overbought levels points to a weakening of bullish momentum, potentially signaling a price consolidation or correction.
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The Road Ahead: A Successful Retest Could Mean Further Gains
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A successful retest and defense of the $1.45 support level could be a defining moment for SUI, potentially setting the stage for further upward movement. If the bulls manage to maintain control, SUI could target higher resistance levels, with price targets like $2.18 and beyond becoming increasingly relevant.
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However, if SUI fails to hold the $1.45 support, it could trigger a deeper correction toward the next key support at $1.22. A breach of this level could signal a shift in the trend, potentially accelerating downward moves and completing a bearish reversal.
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At the time of writing, SUI is trading at approximately $1.74, representing a 13.14% increase over the past 24 hours. The cryptocurrency’s market capitalization is around $4.6 billion, with trading volume exceeding $1 billion, reflecting increases of 13.14% and 70.81%, respectively.