SUI Price Analysis: Bear Trap Plots a Quick 8% Jump in SUI Price; Enter Today?

SUI Price Analysis: Earlier today, the SUI price showed a breakdown below the local support of $1.17, offering sellers significant resistance to pressurize buyers. However, the US Bureau of Labor Statistics recently released the annual U.S. Consumer Price Index (CPI) inflation for April at 4.9% which is lower than the market expectation of 5% causing an uptick in the crypto market. Thus, the SUI price received a significant inflow and reclaimed the $1.17 chart level as support, creating a fake breakdown scenario in the market.

Key Points:

• The hourly chart shows a new higher low formation in SUI price indicating an early sign of trend change as per Dow Theory.
• A breakout from the $1.17 resistance intensifies the underlying buying pressure for an 8% rise.
• The intraday trading volume in the SUI  coin is $626.6 Million, indicating a 37% gain

Source- Tradingview

In the hourly time frame chart, the SUI price shows a massive breakout from the $1.17 resistance with a significant surge in trading volume. This bullish breakout clearly undermines the breakdown mentioned above and indicates the buyers are currently moving the market.

Moreover, the aggressive short-sellers who entered at $1.17 must have gotten trapped with the recent price surge and their stop loss would bring more buying orders in the market. Thus, if the coin price shows sustainability above the $1.17 barrier and interested traders can look for a long-entry opportunity. 

Also Read: Best Cryptos Private Sale For 2023

If the bullish momentum persists, the SUI price may witness a sharp 8% rise to challenge the next significant resistance of $1.27.

Technical Indicator

Relative Strength Index: The RSI slope back above the midline reflects a sustained buying pressure in the market.

Exponential Moving Average: With the price jump, the SUI price reclaimed the 20 and 50 EMAs, offering an additional confirmation for buyers.

SUI  Coin Price Intraday Levels

• Spot price: $1.2
• Trend: Bullish
• Volatility: Medium
• Resistance level- $1.27 and $1.38
• Support level- $1.17 and $1.1