SUI is approaching a critical demand zone as technical analysis signals a potential trend reversal ahead.
SUI has faced constant bearish pressure with its price making lower highs and lower lows over the past few weeks. As of press time, SUI is trading at $2.58, a 5.37% price drop in the past 24 hours. According to CoinMarketCap data, SUI’s trading volume has surged 25.94%, indicating high selling pressure as the price declines.
SUI’s Technical Outlook
SUI has been trading in a consistent downtrend, but traders are eyeing a key demand zone on the $2.20-$2.35 range. This zone acts as a critical support where buyers could be “buying the dip” in anticipation of a trend reversal. The range features the 0.75 Fibonacci level, a Fair Value Gap fill, and several NPOC (Naked Point of Control). With these elements in place, SUI could be dipping to find strong support and bounce back from this zone.
Source: CoinMarketCap
According to crypto analyst Crypto Metric, this bullish structure could be the trigger of the coin’s bullish momentum and potential rally following a bounce back. As bears take charge, SUI could drop further if the price dips below the $2.5 level.
However, if the coin sees a trend reversal and reclaims this level again, this could confirm a trend reversal aiming for the $3.20 -$3.80 zone. As SUI strives to gain strength, its make-or-break moment is on the horizon, waiting for volume and the structure to confirm.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their research before making financial decisions.
<p>The post SUI Approaches Key Demand Zone Amid Bearish Momentum- Will SUI Bounce Back? first appeared on Coin Crypto Newz.</p>
