SUI PRICE ANALYSIS & PREDICTION (May 5) – SUI is Up 9% Following a Slight Recovery, More Drops Ahead

After recovering well from a short-term bearish phase, SUI appears to resume selling following a recent multiple rejection. In preparation for a bigger drop, it is up today as it recovers from last weekend’s drop. Following a back-to-back drop since the start of the year, last month saw SUI bounce, and the price increased significantly following a major recovery that hit the entire crypto market. It eventually lost steam after witnessing multiple rejections under the $4 level in the late month. That led to a drop, and it started this month on a weak note. Testing the $3.15 level yesterday, it found support and briefly recovered to where it is changing hands at $3.38. From a technical perspective, the latest recovery looks more like a retest of the lost $3.5 level over the weekend. We can expect more drops as soon as the price retests this mentioned lost level. Though a rebound is possible if the recently flipped resistance levels hold as support. A dip below April’s low of $1.7 could trigger a serious bloodbath, validating a bearish expansion in the mid-term. However, if by any chance the market continues to recover, especially above April’s high, we can anticipate more gains in the future. But from the look of things, the bears will likely have the upper hand. SUI Key Levels To Watch Source: Tradingview Anticipating a drop, the support levels to keep in mind are $2.83 and $2.42. Lower levels for drops are located at $2.02 and $1.71. A collapse through these levels could send the price to a new multi-month low. For more recovery, SUI must overcome $3.8. If it succeeds, the higher resistance levels to watch for a test would be $4.25, along with the $5 level in the future. Key Resistance Levels: $3.8, $4.25, $5 Key Support Levels: $2.83, $2.42, $2.02 Spot Price: $3.38 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !

Source: NullTx