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SU, one of the main altcoins of this cycle, targets the key barrier of $ 4.00 after its recent price increase. In the midst of his recovery from key supports, an analyst suggests that cryptocurrency could retain a crucial level before his next expansion.
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Sui Eyes 17% jump
In the past two weeks, SUP has jumped almost 85%, exceeding the crucial barrier of $ 3.80 and recovering from its downward trend of several months. During retirements from the market in the first quarter, Suis lost key support levels and traced more than 68% compared to its January 5.35 summit to its $ 1.71 to six months.
In March, the cryptocurrency tried to recover the crucial barrier of $ 3.00, motivated by the news of institutional adoption, but did not confirm the escape.
Before its recent token unlocking, the cryptocurrency saw its price go from the bar of $ 2.11 and recover the resistance of $ 3.00 for the first time since February, meeting at a two-month summit of $ 3.87.
Its bullish momentum slowed down after the release of 88.34 million SUP tokens, worth around 300.4 million dollars on April 30. The cryptocurrency experienced an 8.5%trace, from $ 3.51 to $ 3.21.
On Monday, SUI price jumped 5.2%, recovering support of $ 3.40 as the recent sales pressure has decreased. The AMCRYPTOALEX analyst considers that Altcoin could reach resistance from $ 3.90 to $ 4 after unlocking, if the flagship crypto, Bitcoin, holds the $ 94,000 mark.
Meanwhile, analyst Lennaert noted that SUP could see an increased prosecution of his recent performance after retesting the support area from $ 3.20 to $ 3.25 and bounce.
“If Momentum Flips, we will test the summits in no time. Suis has proven several times that he does not need a lot to pump hard. The team continues to build himself, and this already becomes one of the most promising ecosystems,” concluded the analyst.
Is a retest of $ 3.25 to come?
Analyst SJUUL D’ALTCRYPTOGEMS has suggested that a potentially form a power configuration of 3 (PO3) within a low time. The PO3 model divides the price cycle into three phases: accumulation, manipulation and distribution.
In the accumulation phase, consolidation occurs near the recent level after a high price performance. Meanwhile, the manipulation phase sees the price of a token down below the level of support of the accumulation phase and is negotiated in a range below the recently lost area. The distribution phase consists of a high price escape, with the construction of Momentum and the participants entering the market.
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According to the analyst, Suis began the accumulation phase after his recent escape, oscillating between the price range of $ 3.25 and $ 3.85 in the coming days. In the middle of the drop in Sunday prices, the cryptocurrency started the second phase, falling below the lower limit of the range and exchanging near this level throughout the day.
Since he has recovered the $ 3.25 mark today, SU has apparently entered the distribution phase, which could see the support of $ 3.25 before riding a boarding at the resistance of $ 4.00. “Monitor a new test of this level of support – or near him – as we could see an expansion afterwards,” he concluded.
To date, SU is negotiated at $ 3.46, an increase of 56% of the monthly period.
Star image of Unsplash.com, tradingView.com graphic
