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- SUI targets $3.00 for a potential bounce to $3.80.
- Traders eye critical support at $3.00 for price rebound.
- Buy-the-dip strategy presents opportunity for SUI/USD near $3.
Crypto enthusiasts and traders are closely monitoring the SUI/USD pair as the price hovers around crucial support levels. According to renowned analyst Ali (@ali_charts), the $3 mark appears to be a prime entry point for traders looking to capitalize on a potential rebound. This is a buy-the-dip zone where traders should have a chance to enter the market before the market may become expected to rise towards at least $3.80 and even higher.
The trend of the chart of SUI/USD is evidently downward, and the market respects the limits of a downward channel. In the last couple of weeks, the price has been trading at the bottom of the channel, which means that the support level at $3.00 is a good place for the bulls to be. Any exit from this zone would send the price up to strike resistance at about $3.30 and $3.80.
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Key Price Levels and Analysis
The market has had a number of major price moves within this downward trend line. At the present time, the SUI/USD pair is floating around $3.20, slightly above the critical support level of $3.00. A move below $3.00 could trigger further bearish momentum, but with strong support in place, a bounce remains highly likely.
This is supported by the levels of Fibonacci retracement drawn on the chart, where the level of $0.786, which is close to $3.00, is very supportive.
Also, the next target for the price to break higher is the $3.80 resistance level. A Fibonacci extension indicates that if the price can clear the level of $3.80, then it would increase to even higher levels, reaching the level of $4.00. Traders should, however, be wary. Any inability to hold above the level of $3.00 may lead to a further pullback, with the level of $2.80 serving as additional support.
The future of the SUI/USD pair, as Ali views it, indicates that the critical point of the pair is contained in the range of $3.00 by the short-term traders and the long-term investors. If the price is supported at this point, then the chances of a good recovery are high. Moreover, the 12-hour chart indicates that growth can still continue in the next several weeks, especially when the situation in the rest of the market is positive.
With this analysis in mind, traders can consider exploiting the buy-the-dip trading strategy. They can buy the stock at the current dip and watch it potentially rise to $3.80 and beyond.
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