SUI, the native token of the Layer-1 Move-programmed blockchain, is seeing renewed buying interest after a recent drop. It fell from a high of $2.36 to a low of $1.75 and is now trading at $2.06, suggesting a potential upward trend in the market.
An analysis of the SUI/USD chart indicates a bullish reversal as it tries to re-enter its rising channel, which is marked by parallel trendlines and upward-sloping patterns. This attempt hints at potential gains and signals renewed buying action.
A bear trap occurs when prices dip beneath a channel but quickly rally, entrapping sellers expecting further decline. A 39% surge in SUI's trading volume confirms strong demand at lower price levels.
The increasing Relative Strength Index (RSI) indicates growing buying momentum, currently at 57.44, which outweighs selling pressures, pointing towards an optimistic outlook for SUI's price.
SUI's resistance is at $2.30. If it breaks out and re-enters the channel, it may climb to $2.36, the previous high. However, if it fails to overcome this resistance, prices may decline towards $1.64.
