Looking at the latest recovery in the market, SUI appears to have found support after witnessing a major correction for almost a month. It shows bullish signs, but there’s currently not enough volume in the market. Ending the month of May on a bearish note due to a broad correction across the crypto space, SUI started this month very weak and lost more ground. Surprisingly, the bulls reacted strongly to the bearish move and intercepted further drops above the $2.8 level during last week’s trading. Holding this level as temporal support, the price bounced back following a sudden increase in the demand level, and the crypto traded back above $3. Despite the bounce, it is important to note that the price is still under correction on the daily chart. Considering that, it is too early to say the bulls are back in action. But from a technical standpoint, they are much more likely to regain control anytime soon. A significant increase above the previous monthly high should bring them fully back into the market with a potential break-up. That said, the trading landscape has changed briefly over the past few days, and as we can see on the daily chart, it is showing signs of a shift on the daily chart. If the price slides back to support, a break there could cause more drawdowns before finding a solid rebound level. SUI Key Levels To Watch Source: Tradingview Pushing higher from the current trading level, it may climb back above the $3.75 and $4.25 resistance levels. A surge through these levels could bring a full recovery to $5 and $5.5. before exploding to a new high. The latest recovery is supported by the $2.83 level. A drop off this level could correct the price lower to $2.42 and potentially $2.02 in no time. Key Resistance Levels: $3.75, $4.25, $5 Key Support Levels: $2.83, $2.42, $2.02 Spot Price: $3.28 Trend: Bullish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
