Sui (SUI) is under short-term pressure after a minor 1.40% drop, trading close to the important resistance level.
The sideways action of the SUI token indicates that the token is in a critical phase, where a breakout might lead to the target of higher levels, or it might test lower support levels in case of weakness. Analysts consider the current level of token to be critical for determining its short-term trend.
At the moment, Sui is trading at $1.47, with a 1.40% drop in the last 24 hours. The token has a daily trading volume of $314.99 million, with a market capitalization of $5.58 billion, indicating that SUI has a 0.19% market share in the total cryptocurrency market. The slight drop in price indicates short-term selling pressure.
As per a post by Crypto TXG, SUI has been continuing its downtrend after falling below an important support level. The token is currently trading just below that level and has been range-bound for the last few days.
The next breakout or downtrend could determine the future course for token. A breakout above the current level could take the cryptocurrency to higher levels, while a fall could take it to the $1.31 support level.
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Technical analysis shows that the recent correction looks more contained than aggressive. The price has honored the higher-low pattern within the overall bullish channel, which is a sign of a corrective move rather than a reversal.
The $1.70 support zone, which corresponds to a rising trend line and a former breakout point, is now a significant level for potential stabilization.
If SUI manages to retain this level of support, it could pick up steam and aim for the resistance level of $2.00, where the previous high was established.
However, a strong break below $1.68 could potentially weaken the level and cause a delay in the further advance. Currently, traders are paying close attention to the action around these key levels.
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