SUI token is trading precariously near key support zones, leaving traders on edge as they anticipate the next move. The market remains undecided, teetering between potential recovery and further decline. A recent analysis from More Crypto Online highlights crucial levels between $1.84 and $1.74, which have served as support. However, the deeper support zone around $1.32 could be a make-or-break point. A breach below this threshold might trigger extended bearish pressure, dragging the price even lower.
Fibonacci Levels In Focus – Will Wave C Complete the Rally?
According to Elliott Wave theory, SUI is still moving within wave C of a larger bullish trend. Following a recent pullback, the token is now testing critical Fibonacci retracement levels at 38.2% and 50%, near $2.05. These levels may act as pivotal support or resistance. Should SUI rebound from here, it could kickstart the next rally, with bullish targets set at $2.47, $3.04, and $3.52.
However, failure to hold these levels may expose the token to further downside risks. Analysts are closely watching the $2.20 mark. If SUI clears this resistance, it could signal the start of a more substantial upward movement. Conversely, slipping below $1.84 would increase the chances of a deeper correction.
Consolidation Signals a Tense Market
SUI is currently consolidating, with traders waiting for the market to decide its next direction. A breakout above $2.20 could energize bulls, driving the token toward higher Fibonacci targets. On the flip side, if SUI fails to hold above $1.84, the price could spiral toward $1.32, a crucial support level that must hold to prevent a longer-term bearish trend.
The outcome largely hinges on whether SUI maintains key support zones or breaks above resistance levels. If the $1.32 support fails, bearish sentiment may dominate the market for the foreseeable future. But if the token surges past $2.47, bulls could seize the opportunity to push the price toward fresh highs.
Also Read: SUI Price Eyes 20% Surge – Traders Bet On Rebound After 10.63% Drop From $2.36 ATH
For now, the market remains in limbo, and both optimists and skeptics are preparing for the next decisive move. Traders should monitor $1.32, $1.84, and $2.20 closely, as these levels will likely determine the token’s trajectory.
Market Awaits a Breakout
With volatility still high, SUI’s next move could significantly impact its longer-term outlook. Whether the token embarks on a bullish rally or succumbs to bearish pressure will depend on how it navigates critical levels in the coming days. Investors and traders should remain vigilant as the battle between bulls and bears unfolds, with both sides preparing to capitalize on the outcome.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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