Sui (SUI) Price Analysis
Sui (SUI) price rallied over 10% and cleared the $3.50 resistance. It is now testing the $4.00 resistance and might aim for more gains.
SUI Price Restarts Rally
In the last technical analysis, we discussed the chances of more gains in SUI after it cleared the $2.20 resistance zone. The bulls did remain in action and pushed the price above the $3.00 resistance zone. The recent surge in Ethereum and Bitcoin also helped SUI in gaining bullish momentum.
The price settled above the $3.20 resistance zone and the 50-day simple moving average (blue). There was a clear move above the 50% Fib retracement level of the downward move from the $5.35 swing high to the $1.719 low.
SUI started a consolidation phase near the $3.350 zone and recently started a fresh increase. There was a clear move above a bullish flag pattern with resistance at $3.40 on the daily chart.
It opened the doors for a fresh increase and the price cleared the $3.80 resistance. It is up over 10% in a few sessions and now approaches a major hurdle. The price seems to be facing a major roadblock near the $4.00 level. It coincides with the 61.8% Fib retracement level of the downward move from the $5.35 swing high to the $1.719 low.
In the short term, there are chances of a short-term downside correction. Immediate support is near the $3.80 level. The first major support is near the $3.60 zone.
The next key support seems to be forming near the same flag trend line at $3.40. If the bulls fail to protect the $3.40 support, there could be an extended decline. In the stated case, the price could dip and test the $3.00 support zone.
The main support is now forming near the 50-day simple moving average (blue) at $2.60. A daily close below the $2.60 support could trigger a major drop. In the stated case, the price could dive and test the $2.20 support. Any more losses might send the price toward the $2.00 support.
Another Surge?
If the bulls remain active above the $3.40 support, SUI could see another increase. Immediate resistance sits near the $4.00 level. A close above the $4.00 level could set the pace for more upsides.
The next major resistance could be $4.50. A clear move above the $4.50 level could accelerate gains. In the stated case, the price could rally and test the $5.00 level. Any more gains might send the price toward the $5.50 resistance zone.
Overall, SUI price gained heavily in the past few sessions and is now struggling near the $4.00 resistance. It could see a short-term downside correction before the bulls attempt another increase.