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SUI Rockets 10%: Is This The Start of A Major Upside Reversal?
In a shocking turn of events, Sui (SUI) has seen an unprecedented 10% surge in the past few sessions. As per the latest data, the SUI price has regained traction, recovering above $2.750 and potentially setting its sights on a major upside reversal.
The market is abuzz with excitement as the SUI price found support near the critical $2.30 zone. This sudden resurgence has sparked widespread interest among traders and investors, leading to an onslaught of questions regarding the potential implications of this move.
Following a strong rejection above $4.20, SUI saw a steady decline below the $4.00 level. Unfortunately, it underperformed Bitcoin and traded below the $3.50 support level, resulting in a notable drop below the 61.8% Fib retracement level of the upward move from the $1.719 swing low to the $4.291 high.
Despite this downturn, SUI price found crucial support near the $2.30 zone, where it formed a low at $2.299 and started a steady recovery wave. This move has seen it clear the 23.6% Fib retracement level of the downward move from the $4.29 swing high to the $2.29 swing low.
While this sudden increase may have caught some off guard, it’s essential for investors and traders to consider the fundamental and technical implications of this development.
On the charts, SUI cleared the 23.6% Fib retracement level of the downward move from the $4.29 swing high to the $2.29 swing low. This move has seen it surge over 10% in the past few sessions and showcase positive signs.
However, before jumping on the bandwagon, it’s crucial to consider the next steps for SUI price. As it stands now, immediate resistance sits near the $2.950 level. Moreover, a key declining channel or possible bullish flag pattern is forming with resistance at $3.00 on the daily chart.
To start a fresh increase, SUI must clear the $3.00 and $3.20 levels. If this happens, we could be witnessing the beginning of a major upside reversal.
On the other hand, if SUI fails to break above these critical levels, there is a high likelihood that the price will experience a fresh decline. The first line of defense would be near the $2.650 zone, with a further support area forming at $2.50 and a crucial support zone developing around $2.30.
A daily close below the $2.00 level could trigger a larger decline, potentially sending the price to test the $1.70 support zone.
In conclusion, SUI’s recent 10% surge has piqued curiosity among market participants. While it’s too early to call this an unstoppable trend reversal, we must remain cautious and vigilant as we navigate these uncertain markets.
Source: coinchapter.com
