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SUI, one of the leading altcoins of this cycle, targets the key $4.00 barrier after its recent price surge. Amid its reclaim of key supports, an analyst suggests the cryptocurrency could retest a crucial level before its upcoming expansion.
SUI Eyes 17% Jump
Over the last two weeks, SUI has jumped nearly 85%, breaking above the crucial $3.80 barrier and recovering from its multi-month downtrend. During the Q1 market retraces, SUI lost key support levels and retraced over 68% from its January high of $5.35 toward its $1.71 six-month low.
In March, the cryptocurrency attempted to reclaim the crucial $3.00 barrier, driven by the news of institutional adoption, but failed to confirm the breakout.
Before its recent token unlock, the cryptocurrency saw its price rise from the $2.11 mark and reclaim the $3.00 resistance for the first time since February, rallying to a two-month high of $3.87.
Its bullish momentum slowed after the unlock of 88.34 million SUI tokens, worth around $300.4 million, on April 30. The cryptocurrency saw an 8.5% retrace, dropping from $3.51 to $3.21.
On Monday, SUI’s price jumped 5.2%, recovering the $3.40 support as the recent selling pressure decreased. Analyst AMCryptoAlex considers that the altcoin could hit the $3.90-$4 resistance after the unlock, if the flagship crypto, Bitcoin, holds the $94,000 mark.
Meanwhile, analyst Lennaert noted that SUI could see a bullish continuation of its recent performance after retesting the $3.20-$3.25 support zone and bouncing.
“If momentum flips, we’ll be testing the highs in no time. SUI repeatedly proved it doesn’t need much to pump hard. The team keeps on building, and it’s already growing to be one of the most promising ecosystems,” the analyst concluded.
Is A $3.25 Retest Coming?
Analyst Sjuul from AltCryptoGems suggested that SUI is potentially forming a Power of 3 (Po3) setup in a low timeframe. The Po3 pattern divides the price cycle into three phases: accumulation, manipulation, and distribution.
In the accumulation phase, a consolidation occurs near the recent high after a strong price performance. Meanwhile, the manipulation phase sees a token’s price falling below the accumulation phase’s support level and trades within a range below the recently lost zone. The distribution phase consists of a strong price breakout, with momentum building and participants entering the market.
According to the analyst, SUI started the accumulation phase after its recent breakout, hovering between the $3.25-$3.85 price range over the next few days. Amid the Sunday price drop, the cryptocurrency began the second phase, falling below the range’s lower boundary and trading near that level throughout the day.
Since recovering the $3.25 mark today, SUI has seemingly entered the distribution phase, which could see SUI test the $3.25 support before soaring toward the $4.00 resistance. “Watch for a retest of that support level—or close to it—as we might see an expansion afterwards,” he concluded.
As of this writing, SUI trades at $3.46, a 56% increase in the monthly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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