According to a recent analysis of SUI’s chart on the daily timeframe, the altcoin has faced a rejection from the $2.39 resistance level, indicating that the bears are still in charge. SUI has also remained in a downtrend, breaking below its previous low, around $1.9, but failing to break the previous high, around $8.1. Meanwhile, the chart also shows a huge demand zone around the $1.6-$2.1 region, where SUI bulls have been trying to push its price upwards. However, the bulls must push the SUI price past the current resistance to the previous high around the $8.1 level before they can snatch control from the bears.
Meanwhile, we expect the bears to stage a comeback around the $2.6-$2.8 region, where there is a huge bearish order block, but if the bulls garner enough momentum to break past the defense, then the bullish shift will be validated. However, if the bulls fail to push SUI above this level, then the bears could step in and push its price below the previous low. Further, the SUI price chart on the lower timeframe indicates that the bears are still in control as the altcoin broke below its previous low, around the $2.05 mark.
According to asset tracker Coingecko, SUI currently trades around the $2.1 range, suggesting that the bulls are beginning to push its price upwards. However, to regain full control of the market, the bulls will have to break past the $2.25-$2.35 level, where there is a minor bearish block and a major resistance wall. Also, they have to push SUI’s price above the previous high, around the $2.4 range. If the bulls fail to break through, we expect a rejection at the $2.35 resistance level and a free fall below the previous low.
