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SUI Uptrend Loses Steam — Price Eyes Support Near $3

Published
Valdrin Tahiri
Published
By Valdrin Tahiri
Edited by Ryan James

Key Takeaways

  • The SUI price has completed a five-wave upward movement.
  • SUI failed to break out from the $4.15 horizontal resistance.
  • Has SUI started a correction, and where will it bounce if so?

Since April, SUI has been one of the best-performing layer-1s in the crypto market, with a 115% price increase, outpacing Ethereum (ETH) and Cardano (ADA).

However, the upward movement hit a roadblock in May, failing to break out from the $4.15 horizontal resistance area.

Since then, SUI has pulled back and barely holds on to a key support area, raising concerns about a potential breakdown.

The uptrend is losing steam. If SUI breaks down, it will trigger a deeper decline. Let’s look at the charts and see where the next support lies.

SUI Price Struggles

The SUI price has rallied significantly since April 7, culminating with a high of $4.29 on May 12.

However, the SUI increase stalled once the price reached the $4.20 horizontal resistance area.

The decline also confirmed a deviation (black circle) above the 0.618 Fibonacci retracement resistance.

Today, the SUI price creates a bearish engulfing candlestick, and the coin risks a breakdown below minor support.

SUI Daily Chart
SUI/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

If so, the next closest support will be at $3.20.

Technical indicators show weakness. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) created bearish divergences (orange).

Therefore, a SUI price correction is likely. Let’s look at the wave count and see where it might lead.

Where Will SUI Find Support?

The wave count confirms that the SUI price increase since April was impulsive.

SUI’s five-wave increase indicates a bullish long-term trend, meaning new highs are likely after the correction.

However, the rally likely ended on May 10, and the price is now in an A-B-C correction (red).

SUI Wave Count
SUI/USDT Six-Hour Chart | Credit: Valdrin Tahiri/TradingView

If the count is accurate, SUI is in wave C of this correction, which could end between $3 and $3.36.

A shallow correction will take the SUI price to the upper limit, giving waves A and C the same length.

Alternatively, a deeper correction will take SUI to the target’s lower limit, creating an extended wave C.

Afterward, new highs are likely.

Correction Before New Highs

The price action and wave count analysis suggest SUI’s long-term trend is bullish, and new highs are likely.

However, a short-term correction could target $3 – $3.36.

Afterward, SUI could resume its upward movement and break out above the $4.15 resistance.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer. He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape. Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights. He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
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