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Technical Analysis

SUI technical analysis: Will $1.8 support lead to $2.36 target?

Published: Oct 29, 2024
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SUI’s technical setup confirms $1.8 as a key support zone, with potential movement toward $2.36 resistance. The bullish outlook reflects recent gains and demand strength. Here’s an in-depth look at SUI’s levels and possible short-term trajectory.

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Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.


Market context

In our last analysis, we marked the 1.8 and 1.7 levels as critical build zones, and SUI has since given us a textbook retrace right into that area. What we're seeing now is a rounded bottom forming, with consistent daily wicks attempting to push lower but being reclaimed immediately at these levels. This confirms that our levels are being strongly respected, showing that the analysis is spot-on.

The next point of interest was initially down at 1.42, but with recent price action, it's uncertain if we'll see that come into play anytime soon. Back on October 10th, SUI found solid support at this level, and we've seen a sharp move up around 30% from there. This gives even more weight to the 1.8-1.7 zone as a solid floor.

3. SUI price chart highlighting key support zones around 1.8, with recent rebounds aiming towards resistance levels at 2 and 2.36.

Playbook & hypothesis

With this confirmed floor, let's set up the next potential move. When we pull a Fib retracement from the 1.4 level consistently, a strong support level, last holding on September 22-we, we find the 61.8% Fib aligns with the 1.8 level, adding even more confluence here. The Fib expansion target at 61.8% is up at $2.90, which looks achievable if momentum holds steady.

We should also recognize the strength of SUI's recent performance. Since the low on August 4th, SUI has pushed up 410% to the high on October 12th, showing significant resilience. The current daily candle is particularly strong, adding even more positive sentiment and backing up our bullish outlook for SUI.

Key levels

  • $2.36 - Primary resistance
  • $1.8 - Midterm support, reinforcing our floor
  • $1.4 - Major support if a breakdown occurs
4. SUI daily chart with Fibonacci retracement zones, showing support near 61.8 level at 1.78 and potential target at 2.36

Risk management

Given SUI's recent run and the catalysts on the horizon, we're focusing on building spot positions over leverage. As the total three market cap gains traction and Bitcoin dominance pushes higher ( which will see a top at some point ), SUI could see continued inflows. The key here is that patience-accumulating spots at these confirmed levels remain a solid strategy, but we'll avoid leverage, given the current market volatility. (If you are a holder or investor of this asset)

Cryptonary's take

SUI has shown itself to be one of the strongest performers in recent months, holding solidly above the key 1.8-1.7 support zone and demonstrating impressive resilience with multiple reclaim attempts. While we're not currently invested in SUI, it's a strong performer worth noting as it continues to respect these levels and push higher.

With the recent 410% move from August's low to October's high, SUI is showcasing demand and community interest that sets it apart. If SUI sustains above the $2 level, we could see it continue its outperformance, especially as we move toward potential macro catalysts later this year and into Q1.

For those looking to build exposure, spot accumulation at these levels seems wise, while we'd avoid leverage due to the current market's volatility. SUI's position is not in our CPRO Picks, but it's worth acknowledging its consistent performance within the broader market setup.

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