Crypto analyst Astekz revealed on X (formerly Twitter) that SUI’s price may be mirroring a previous “chop phase” – a consolidation pattern – before experiencing another leg up towards the $4 mark.
This analysis has led to cautious optimism within the community, as SUI has shown strong bullish momentum in recent months. The following analysis examines the current SUI chart, key support and resistance levels, and possible scenarios for the cryptocurrency’s next move.
What you'll learn 👉
SUI Technical Analysis: Current Price Movement and Consolidation Phase
The SUI chart reveals a notable upward trend that led to a consolidation phase at its current range. Following a strong rally from previous consolidation levels, SUI experienced a surge in buying interest, pushing the price up significantly.
However, after reaching its recent high, the cryptocurrency entered a sideways movement within a defined range, referred to by Astekz as a “chop phase.” This range-bound activity typically signals indecision in the market, with prices oscillating between support and resistance zones.
Key Resistance and Support Levels
The chart identifies two crucial levels that have emerged within this consolidation phase. At the top of the range, the resistance zone sits around $3.70 to $3.80 where sellers appear active, often preventing the price from climbing further.
On the other side, between $3.30 and $3.40, buyers tend to come in to support the price. There is however the possibility that the SUI price may break through these levels. This would mark the start of a new trend, either up or down. The direction of the breakout would determine this.
Potential Scenarios for SUI’s Price Action
According to Astekz, SUI may soon replicate the previous pattern observed in the earlier “chop phase,” potentially leading to a breakout. A bullish scenario would see SUI’s price breaking above the $3.80 resistance, likely igniting a rally toward the $4 target.
Such a breakout would confirm buying interest and possibly attract more investors. In the same vein, a violation of the $3.30 support level would warrant a retest of the previous consolidation level, which would be indicative of weakening momentum.
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Furthermore, it has been noted that the RSI always finds its levels around the midpoint and hence, a symmetry in owners and sellers is illustrated. If RSI trends upward, it may indicate growing buying interest, potentially supporting a breakout above resistance. Additionally, an increase in trading volume would signal strengthened momentum, further reinforcing the likelihood of an upward price movement.
This analysis, paired with insights from Astekz’s tweet, highlights a cautiously optimistic outlook for SUI, with the $4 target attainable if the current consolidation phase ends with a bullish breakout.
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