Sui [SUI] was retesting the psychological $3 support level once again. It had previously tested this level as support a week ago
The price of Serum (SRM) dropped sharply on 23 March after setting a local top at $1.16. Since then, it has fallen into a descending channel (white пунктирные линии). The lower boundary of this pattern coincided with the psychological support level of $0.6.
On 11 April, SRM price bounced off this support and began to move up. It quickly reached the upper boundary of the channel and attempted to break out of it. However, this attempt was unsuccessful, and the price was rejected.
After the rejection, SRM price fell back to the lower boundary of the channel and bounced again. This time, it managed to break out of the upper boundary and began to move up rapidly.
The price quickly reached the resistance level at $0.8, which had been tested several times in the past. On 22 April, SRM price finally managed to break through this resistance and began to move up further.
The next resistance level is at $0.88, which coincides with the 200-day moving average (SMA). If SRM price manages to break through this resistance, it could continue to move up towards the 50-day SMA (pink) at $0.98.
On the other hand, if SRM price fails to break through the 200-day SMA, it could fall back to the 0.786 Fib retracement level at $0.8. Below this level, there is strong support at the 0.618 Fib retracement level at $0.72.
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