- SUI has dropped over 50% from its peak, now resting at a crucial High-Time-Frame support level for potential bounce.
- Michael van de Poppe points to $2.36 as the key support level, where consolidation suggests a possible recovery.
- RSI remains neutral, indicating balanced buying and selling pressure, with volatility likely driving price movement.
SUI has significantly decreased and is currently trading 50% less than it did when it reached its all-time high. However, it is currently at the crucial support level which means that the price can bounce back any time. This support zone is commonly referred as the High-Time-Frame (HTF) level which is considered as a critical level at which price may be converge to push upwards.
In a recent X post, Michael van de Poppe identified that the price is at $0.00236 which he labelled as a support level. This has been an area that has recently been undergoing some consolidation and the trader may be able to find some room to make an entry in the hopes of a recovery. This zone may be a point of change for the market, many are expecting that it could reverse upward from this level.
RSI Indicates Market Stability
On the chart, the Relative Strength Index (RSI) has remained at the middle band signifying moderate buying or selling pressure. This means that the asset is not over bought or over sold and any further movement can be categorized as an up or downward movement as per the market makers.
However, for the price to stabilise on this support level it has to hold the trend or else the price might continue to dip lower. Based on the support level this calls for volatility and possible upward movement of the price. The price has seen a strong support at this level and the traders anticipate a confirmation of its sustainability before making the next course of action.
SUI’s Bounce Potential
However, the overall market is still probabilistic, especially for investors interested in buying assets that may show promising growth prospects from this level of support. Thus, if SUI is able to maintain its price at these levels, it may be preparing for a bounce as the price is now consolidating in this important zone. Currently, SUI is trading at $2.37 and down by 1.52% in the last 24 hours.
Source: TradingView
The upcoming period will define whether SUI is going to continue its upward movement and whether there will be a new wave of consolidation in the market or not. At the moment, $3.6870 is the critical level to focus on as the price moves into the support zone that determines its further dynamics.