SUI is currently in the zone of support as it has been on a decline for a long period. This stabilization may open the door to a recovery towards the $1.56 resistance level, as long as momentum remains strong.
SUI Shows Signs Of Recovery
SUI is stabilizing after a negative trend. Price has risen above short-term support around the level of $1.40. The chart displays slower selling pressure and tightening price movements, which show early stabilization.
A prolonged stability above the support would favor continued recovery to $1.56. This is in light of weeks of lower highs and diminishing momentum.
The recent candles display lower volatility. This is an indication of accumulation and not distribution.
BitGuru analysts say that the token is reclaiming surrounding resistance that would enhance confidence in a recovery. The first positive zone will be at $1.47, and the second at $1.56 if there is stronger momentum.
Source: X
Also Read | SUI Surges Above $1.45? Key Levels Indicate Possible Continuation Move
Recovery Momentum Is Improving Around The Support Zone
Fibonacci levels indicate probable recovery movements. The token price remains on the lower half of the Fibonacci structure and stabilizes in a neutral zone. These zones assist traders in determining whether the trend will persist.
The lower point of recovery at the chart is approximately at $1.47. When the price goes close to this point, the buyers may push the price to hit a point of $1.56.
This is the same rejection zone as it was before, but it is the central target at the present time. The price is also intersecting the session VWAP, as it points out that the consolidation area is an essential momentum area.
Source: TradingView
The Resistance Areas Will Be Key To Recovery
In the 4-hour chart, the price of SUI is below various exponential moving averages (EMAs). The 20, 50, 100, and 200-EMA are over the present price and are the ones forming resistance. The token needs to overcome this zone to achieve greater targets.
The current trend is negative. However, the convergence at the support zone shows less selling pressure. Still, the price must maintain this position even during a weak trend before it can make a higher move.
There is a rebound opportunity with the base of consolidation. Later sessions will indicate buyers’ ability to push the token to new price highs.
Source: TradingView
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