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SUI is making another attempt to break past the crucial $2.82 resistance, a level that has repeatedly challenged bullish momentum. After a steady climb, the price now stands at a decisive point—will buyers have enough strength to push through, or will sellers step in to defend this barrier once again?
Recent price action suggests that positive sentiment is gaining traction, with increasing trading volumes and strong support levels forming beneath. However, past attempts to breach $2.82 have resulted in pullbacks, making this level a significant test for the market. A confirmed breakout could trigger a fresh rally to higher targets, while failure to overcome this hurdle may lead to renewed selling pressure.
Chart Patterns And Technical Indicators: Signs Of A Breakout?
SUI price action is showing promising signs of an impending breakout as it continues to test the critical $2.82 resistance level. Looking closer at the chart reveals the formation of bullish ascending candlesticks, a pattern characterized by higher lows and a steady resistance ceiling. This structure suggests that buyers are building momentum, increasing the likelihood of an upward breakout.
Technical indicators further support this outlook. The Relative Strength Index (RSI) has climbed above 50, while the Moving Average Convergence Divergence (MACD) has shown a bullish crossover. Additionally, trading volume is rising, a key factor often preceding a breakout move.
The price has also broken above the bearish trendline, signaling a potential shift in market sentiment. This breakout suggests that selling pressure is weakening, allowing buyers to regain control. A successful breakout from a bearish trendline usually indicates the end of a downtrend and the beginning of a possible upward movement.
If SUI surpasses the critical $2.82 resistance level with a strong trading volume, it could ignite a significant rally, pushing the price toward $3.50 and beyond. Breaking above this level would indicate that buyers have gained control, invalidating previous resistance and setting the stage for further upside momentum.
Rejection And Possible Pullback Levels For SUI
While SUI’s bullish strength is building, the $2.82 resistance remains a formidable barrier, and failure to break above it might lead to a downside move. If buyers fail to sustain momentum, sellers may step in, triggering a rejection that could send the price back toward key support levels.
The first critical support to watch lies around $2.36, a level where buyers previously defended against deeper declines. If selling pressure intensifies, SUI could drop toward $1.59. A break below this level may expose the price to deeper corrections, with $1.42 acting as a crucial defense zone for bulls.
Featured image from YouTube, chart from Tradingview.com
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