The Sui [SUI] token experienced a strong bullish trend a week ago, with a 45% increase in less than three days, almost reaching the $1 resistance level. However, selling pressure over the weekend changed the positive outlook.
Furthermore, the failure to defend the crucial support zone at $0.80 indicated a shift in sentiment towards SUI among buyers.
Crypto analyst Ali Martinez had predicted a bullish movement for the token on August 21st using various technical indicators. However, the recent wave of selling has put this forecast in question.
Will SUI traders and investors witness a recovery or more selling in the days ahead?
Pressure on Sui crypto bulls
The $0.80 resistance zone was identified as a critical level for the bulls to surpass. While last week’s surge managed to achieve this, SUI crypto was unable to sustain it.
Phantom wallet’s decision to withdraw support for the Sui Network by September 24th likely impacted market sentiment as well.
Although the price remained above the 50-day moving average at $0.72 and the CMF indicated buying pressure at +0.05, the prevailing swing structure on this timeframe remained bearish, as previously noted by AMBCrypto.
Traders’ Strategy – Keep an Eye on Short-Term Gains
While the 1-day chart indicated a bearish swing structure, the 2-hour timeframe showed a bullish response from the $0.70-$0.75 golden pocket. A short-term bullish trend could potentially begin, especially if Bitcoin rallies back above $80k.
Traders and investors should be cautious about expecting a recovery. Significant buying pressure is necessary to push SUI crypto above the $0.80 and $1 resistance levels.
A bounce may present an opportunity to take profits rather than encourage long positions among market participants.
Key Takeaways
- Sui crypto displayed strong bullish momentum recently but struggled to maintain it.
- In the short term, there is a chance for a recovery above $0.80, contingent on the efforts of buyers.