The price of SUI has remained unencouraging despite the ongoing bullish move. The crypto has seen more than a 10% increase in the past 48 hours; however, this could be only a retest for a continued bearish move.
The price broke below a strong support zone, which triggered a slight downward move. However, SUI started the retest yesterday and is now trading again at the former support, which could turn into resistance.
If this turns into resistance, then we could see SUI price continue to fall to the next key support at around $0.743 and then $0.644.
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However, a break above the current $0.85 resistance level will be interpreted as a change in price action structure, and this could be the beginning of a move to the top of the larger consolidation at around $1.172.
Technical Indicators Show Resistance
The relative strength index is at 48, a neutral position. The value started to recover from 42 on September 1. However, the RSI-based moving average could serve as resistance to further price growth. This also aligns with the resistance level that could be formed in the ongoing retest.
The price can be seen slightly breaking above the 50-day simple moving average. We need to see a decisive break above this for the next price move.
However, the 100-day simple moving average is directly above the price, just at the point where the retest resistance is, and this could be a direct barrier to further upward movement.
A break above the $0.85 resistance invalidates this bearish outlook.
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