SUI momentum appears to stall at this time after skyrocketing by double digits last week.
Key Support levels: $3.2, $3
Key Resistance levels: $3.4, $4.1
1. Buyers Face Key Resistance
After an impressive rally, SUI made a local top of around $3.9. Since then, the price entered a correction which sent it under the key resistance at $3.4. This level used to act as support, but over the weekend, SUI lost it and turned into a resistance.
2. Short-Term Pullback
In late April, SUI almost doubled in less than a week. This made a pullback likely in May, which has transpired in the past few days with a 7% drop. This corrective move may last for some time, considering the recent pump. SUI has key support at $3.2 and $3, where buyers could put a stop to the downtrend and retake the initiative.
3. Volume Makes Higher Highs
The good news, despite the current price action, is that SUI’s volume is making higher highs. This is bullish, and there is a good chance this cryptocurrency may go higher after this pullback is over. If so, SUI will aim to reclaim $3.4 as support and then target $3.9 and $4.1 next.
