Date: Thu, February 13, 2025 | 02:12 PM GMT
In the cryptocurrency market today, major altcoins are showing strong signs of recovery, including the layer-1 token Sui (SUI), which has surged by over 7% after facing a significant 27% correction in the last 30 days.
However, technical indicators suggest that a potential bullish reversal could be on the horizon.
Retesting Descending Channel Breakout
On the 4H chart, SUI has been in a correction phase, forming a descending channel, where its price dipped from a high of $5.36 to a low of $2.40. However, in the last seven days, SUI has managed to bounce back and, on Wednesday, broke out of the channel at around $3.45, pushing the price to a local high of $3.66 before attempting a retest.
Currently, SUI is trading at $3.43, retesting the breakout trendline, with the 25 SMA acting as support.
If SUI holds this level and bounces back, it could trigger a recovery, with the next resistance levels at $3.67 and $4.24. A successful breakout above these levels could set the stage for a move toward $5.36.
The MACD indicator is showing signs of a bullish crossover, with the MACD line moving above the signal line. This suggests that buying momentum is increasing, which could support SUI’s recovery attempt
What’s Ahead?
At the moment, SUI’s price action suggests that holding the breakout level is crucial for a bullish continuation. Investors should keep an eye on both technical and macroeconomic developments like Tariffs move from Donald Trump to gauge SUI’s next move.
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