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SU, the native token of the SUP network, resets a key support level after mounting near the $ 2.40 bar. While cryptocurrency tries to maintain its current range, some analysts suggest that an out-of-break is imminent for the price of the token.
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SUE EYES REAL RESISTANCE
On Monday, Suis saw its price increase by 7% almost a level of key resistance, fueling the bullish feeling among investors. Cryptocurrency was one of the main tokens in the cycle, surpassing most of the market during the 2024 decline.
Nevertheless, the cryptocurrency has shredded More than 57% of its earnings in recent months, going from its level of $ 5.31 in January (ATH) to the fork of $ 2.20. After losing the $ 4 support zone, Suis hovered between $ 2.1 and $ 3.5 zone, falling briefly below $ 2 last Tuesday.
Since he reached his 4 -month -old hollow, SUP has recovered 7.8% in the weekly time, climbing $ 2.37 today. According to analyst Ted Oreads, his recent price action has completed An opposite head and shoulder model, the price potentially evolving to the $ 2.45 escape level.
A sustained increase above this level could send the token to reward the recently lost support of $ 2.6. For the analyst, “a great escape is only a matter of time”, because the institutions are interested in the token.
In particular, the Canari capital laid An S-1 form for an Exchange (ETF) Fund (ETF) with the Securities and Exchange Commission (SEC) of the United States on March 17, fueling the 7% rally of yesterday.
This decision follows the March 6 file of Canary to record a trust for a fund based in Sui in Delaware. On the same day, sui announcement He joined World Liberty Financial (WLFI), US President Donald Trump Crypture Venture, to include the token in his “Macro Strategy” token reserve.
$ 2.26 withdrawal: escape or breakdown?
Crypto Ali Martinez analyst suggested that the token is ready for a movement of 15%. In a post X, he highlighted a one -week -old ascending triangle model forming in the Graphic de Suit, the ascending support line currently at $ 2.26 and $ 2.40 together as a crucial resistance level.
According to the analyst, the 15% movement management will be determined by a fence above the resistance line, which would send the price to the price range of $ 2.80, or at a fence below the level of support, which could see the cryptocurrency plunge at $ 1.90.
Since he reached his daily summit of $ 2.37, sui a retracted In terms of model support, falling briefly at $ 2.22 before bouncing over the ascending line. Despite the small recovery, the token had trouble holding above the crucial level, oscillating between $ 2.23 and $ 2.26 throughout Tuesday morning.
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Meanwhile, Market Watcher Pushpendra Singh highlighted The current level of SU as “strong purchasing zone”. The price range of $ 2 to 2.3 served as a key escape during the post-American electoral pump in November.
In addition, his recent retest and his rebound of this level suggest that “upward escape could be imminent”. According to the post, cryptocurrency looks at the goal from $ 7 to mid-term.
To date, SU is negotiated at $ 2.25, a 5% drop in the daily time.
Star image of Unsplash.com, tradingView.com graphic