Prominent analyst More Crypto Online shared with his followers that SUI’s price is maintaining its micro support range. However, the SUI chart reveals a delicate balance as the token hovers above key support levels.
He emphasizes the importance of these levels for traders, with $1.84 acting as a critical point for maintaining bullish momentum. As SUI tests this support, the market eagerly awaits its next move, with potential implications for both bullish and bearish trends.
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Current Price Movement and Support Levels
SUI’s price is currently consolidating, displaying a corrective pattern marked by Elliott Wave counts. The waves, labeled A, B, and C, indicate that the token is experiencing a minor correction within a broader trend.
The SUI price is trading within a micro support range, defined by Fibonacci retracement levels between $1.84 and $2.04. The $1.84 mark acts as pivotal support, with a sustained hold suggesting the possibility of a bullish continuation.
Below this range, a key structural support exists at $1.74. The tweet reiterates this level, noting it as an essential buffer zone that could prevent a sharper decline. If SUI fails to hold these supports, the next critical threshold lies at $1.32, which serves as the dividing line between bullish and bearish sentiment.
SUI Chart Analysis
The Elliott Wave count on the chart suggests a potential for further upward movement. If the corrective wave (C) successfully holds at the current support, it may pave the way for a new impulse wave, potentially marking a continuation of the broader uptrend.
Additionally, Fibonacci extension levels are plotted at 138.0%, 161.8%, and 178.6%, translating to projected resistance points at $2.47, $3.04, and $3.52, respectively. These targets could act as take-profit zones for traders, contingent on how SUI reacts to its immediate support levels.
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Key Insights from Market Analysis
More Crypto Online highlighted the current scenario, stating that, “$SUI: The price is still holding the micro support range. Below $1.84, there is some structural support in the $1.74 area. The $1.32 level is still the key support level that distinguishes between bullish and bearish momentum.”
The analyst notes that while SUI is reacting to the support zone, the price movement is not yet definitive enough to confirm a low. Traders should remain cautious as the market continues to assess the token’s behavior around these critical zones.
The analysis shows that SUI’s short-term trajectory hinges on how well it can hold above the $1.84 support. A successful defense of this level could fuel bullish momentum, leading to a potential upward move toward the Fibonacci targets.
However, should SUI’s price break below this micro support, the market might see a test of the $1.74 level, with a deeper fall to $1.32 likely changing the overall sentiment to bearish.
The price movement in the coming days will be critical for traders. Holding above $1.84 may set the stage for a rally, while a breach could see the token struggle, with lower supports coming into play.
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