Sui Market Analysis – Recovery Attempt or Another Fakeout?
The Sui market is showing early signs of a potential recovery, but caution is still the name of the game. Let’s break it down:
1. Larger Timeframe Overview:
While we are seeing a bit of an upward reaction, it’s not convincing yet. Similar bounces after the February and March lows led nowhere. The recent drop to $1.73 in April was significant, making any recovery look more like a relief rally than the start of a new uptrend — unless we break decisively above $4.17, which would then target $5–$6.
2. Key Resistance & Support Levels:
Resistance to Watch: $4.17 – a confirmed break above this could change the game.
Immediate Support Zone: $2.05 to $2.18 – this is the micro support region keeping the recovery scenario alive.
Critical Support: $2.05 – a drop below this level could invalidate the bullish setup and open the door to new lows.
3. Current Market Structure (Short-Term):
On the smaller timeframe, we might be seeing a five-wave move up, indicating the early stages of a larger recovery. However, so far, it's an ugly ABC pattern — not ideal.
Wave 3 has underperformed (didn’t reach the 138% extension), and the structure could still morph into a corrective wave rather than an impulsive one.
4. What to Watch Next:
Watch for an impulsive bounce off the $2.05–$2.18 zone.
A successful fifth wave (yellow wave 5) could push price to $2.45 or $2.57, aligning with Fibonacci targets.
If $2.05 fails, bullish momentum could completely fade, possibly leading to another low.
Conclusion:
Sui’s recovery needs to prove itself. While there's potential for an upside continuation, it remains fragile. Confirmation above $4.17 is essential for the bulls to regain real control. Until then, watch the $2.05–$2.18 support zone closely for clues on the next move.