SUI Stands Strong Despite Latest Market-Wide Selloff

Sui (SUI) occupied the 4th spot on CoinMarketCap’s list of trending cryptocurrencies after it was one of the few tokens that experienced a price increase over the past day. At press time, the altcoin was trading hands at $0.9579 after a 0.75% price rise.

As a result, SUI was trading much closer to its daily high of $0.9643 than its 24-hour low of $0.9233. SUI’s increase in price also allowed it to strengthen against both Bitcoin (BTC) and Ethereum (ETH) by about 1.20% and 1.32% respectively.

Despite its good performance over the past day, SUI’s weekly performance was still firmly set in the red zone at -4.625. In addition to this, SUI’s monthly performance was also still down by more than 24%. Meanwhile, the crypto’s 24-hour trading volume experienced a drop of 23.56%, which left it standing at $124,725,777.

6-hour chart for SUI/USD (Source: TradingView)

From a technical perspective, SUI’s price rebounded off of the key support level at $0.91131 over the past 24 hours. Since then, SUI’s price has climbed and attempted to flip the next resistance level at $0.96530 into support, but bears were able to defend the mark and keep SUI’s price below the price point at press time.

Should the altcoin’s price be able to flip the resistance level into support in the next 24 hours, it will have a clear path to climb to above $1 in the next 48 hours. On the other hand, failure to close today’s trading session above $0.9653 will put SUI’s price at risk of dropping to $0.91131 in the coming few days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.



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