Today, the cryptocurrency market shows signs of recovery among major altcoins such as Sui (SUI), which rose by over 7% following a significant 27% correction over the past 30 days.
Retesting Descending Channel Breakout
On the 4H chart, SUI was in a correction phase, forming a descending channel, where its price dropped from $5.36 to $2.40. However, in the last seven days, SUI managed to bounce back and on Wednesday broke out of the channel at around $3.45, pushing the price to a local high of $3.66 before attempting a retest. Currently, SUI is trading at $3.43, retesting the breakout trendline, with the 25 SMA acting as support.
Technical Indicators
If SUI holds this level and bounces back, it could trigger a recovery, with the next resistance levels at $3.67 and $4.24. A successful breakout above these levels could set the stage for a move toward $5.36. The MACD indicator is showing signs of a bullish crossover, with the MACD line moving above the signal line, suggesting increasing buying momentum that could support SUI’s recovery attempt.
What's Ahead?
At the moment, SUI's price action suggests that holding the breakout level is crucial for a bullish continuation. Investors should keep an eye on both technical and macroeconomic developments like tariffs moves from Donald Trump to gauge SUI’s next move.
Sui (SUI) exhibits potential for recovery in the crypto market, though its future movement will rely on maintaining key levels and the impact of external factors.
