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SUI Rockets 10%: Is This The Start of A Major Upside Reversal?
In a sudden and unexpected turn of events, the price of SUI has skyrocketed by an astonishing 10%, leaving investors wondering if this is the start of a major upside reversal. In recent days, SUI had been experiencing a steady decline below the $4.00 level, underperforming Bitcoin and trading below the $3.50 support level. However, after finding crucial support at the $2.30 zone, it seems that the bulls have regained control.
The SUI price has now cleared the 23.6% Fib retracement level of the downward move from the $4.29 swing high to the $2.29 swing low, and is showing positive signs above the $2.60 level. Although, for a fresh increase, it must clear the $3.00 and $3.20 resistance levels.
It’s worth noting that the price has not yet reached the 50-day simple moving average (blue), which could be an area of interest if cleared. Additionally, there are two major hurdles on the upside: immediate resistance at $2.950 and a key declining channel or bullish flag pattern forming with resistance at $3.00 on the daily chart.
If SUI can break through these levels, we might see it rally and test $3.80, potentially even pushing towards the $4.30 resistance zone.
Source: coinchapter.com
