Amid all odds, SUI maintained a bullish rally and continued to show signs of strength weekly. Locating support after a short pullback, it is footing a fresh increase on the daily chart and now looks set for a breakup. The past month’s trading has been rough in the overall market as several altcoins undergo major corrections, though SUI managed to sustain its bullish trend with slight pullbacks but buying pressure now appears low. However, it fell briefly to $4.3 amid this week’s drops but is now jerking up again after respecting the rising trendline, which has been acting as dynamic support in the last five months. As seen on the daily chart, the price currently sits at $5.1 as it slowly charges to claim a new high. A significant break above $5.5 should set the stage for another big rally, but the recent volatility contraction may slow down the move as demand drops. But if we consider the ongoing build-up, the bulls are much more likely to sustain the momentum in the short term. Looking at the recent decline in the daily volume indicator, which shows signs of money outflow since late December, the asset may start to see a broad retracement anytime soon. Such a scenario could end the existing bullish momentum when the price breaks below the rising support line. SUI Key Levels To Watch Source: Tradingview As SUI continues to show strength, the next target level is $6. A surge through this level could rally the price to $8 and majorly the $10 level. If by any chance the crypto loses grip, a break below the rising trendline could crash the price to the $4 and $2.97 support levels. There’s also support at $2.37 for a major retracement move. Key Resistance Levels: $6, $8, $10 Key Support Levels: $4, $2.973, $2.37 Spot Price: $5.11 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: loft39studio/ 123RF // Image Effects by Colorcinch
