Sui crypto faces Phantom’s planned exit – Can the altcoin reclaim THIS?
SUI reclaimed $0.80 once and lost it quickly. Why would the next attempt hold?
The Sui [SUI] token price action was firmly bullish a week ago, when the altcoin rose 45% in under three days to nearly reach the $1 round-number resistance. Selling pressure over the weekend changed this bullish outlook.
Moreover, the buyers were unable to defend a key support zone at $0.80. This failure to defend a support was a sign that sentiment toward SUI could be changing.
On the 21st of August, popular crypto analyst Ali Martinez used various technical indicators to show that the token was gearing up for a bullish move. This prediction seemed to be going well until the latest wave of selling.
Should SUI crypto traders and investors expect recovery, or further selling in the coming days?
Sui crypto bulls under pressure
The $0.80 supply zone was highlighted as an important resistance for the bulls to overcome. The previous week’s rally managed to achieve this, but SUI crypto was unable to hold on to it.
Phantom wallet has planned to end its support for the Sui Network by the 24th of September. This news likely impacted market sentiment, too.
The price was still above the 50-day moving average at $0.72. Moreover, the CMF was at +0.05, signaling buying pressure was in the market despite the short-term correction.
On the other hand, the prevalent swing structure on this timeframe remained bearish. AMBCrypto had warned of this structure in an earlier report.
Traders’ call to action- Watch out for short-term gains
The 1-day chart’s swing structure was bearish, but the 2-hour timeframe’s price action was seeing a bullish reaction from the $0.70-$0.75 golden pocket. It is possible that a short-term bullish reaction could commence, especially if Bitcoin can rally back above $80k.
Traders and investors shouldn’t bet on a recovery, though. Considerable buying pressure is needed to take SUI crypto above the $0.80 and $1 supply zones.
A bounce could offer an opportunity to take profits, instead of convincing market participants to go long.
Final Summary
- Sui crypto was wildly bullish a week ago but has been unable to keep the buying pressure and momentum going.
- In the short-term, there is potential for a recovery back above $0.80, but the buyers have to work hard to make this happen.
