Key Takeaways:
SUI price started a fresh increase from the $1.60 support zone. A key parabolic curve is forming with support at $1.915 on the daily chart. The price is up over 10% and might aim for a fresh surge above $2.20.Sui’s (SUI) price climbed further above the $2.00 barrier. The current price action suggests a high chance of more upside toward $2.50.
SUI Price Regains Strength
After a massive rally, SUI faced sellers near the $2.35 zone. A high was formed at $2.348, and the price saw a downside correction. It moved below the $2.20 and $2.00 support levels.
The price even spiked below $1.80, and support was found near the 50-day simple moving average (blue). A low was formed at $1.598, and the price started a fresh increase, following Bitcoin’s rally above $70,000. There was a strong increase above the $1.80 and $1.85 resistance levels.
Sui price daily chart | Source: SUI/USD on TradingView.comSUI cleared the 61.8% Fib retracement level of the downward correction from the $2.348 high to the $1.598 low. It now follows a parabolic curve with support at $1.915 on the daily chart.
If the bulls remain in action, there could be more upsides soon. Immediate resistance sits near the $2.17 level or $2.20. It is close to the 76.4% Fib retracement level of the downward correction from the $2.348 high to the $1.598 low.
A close above the $2.20 level could set the pace for more upsides. The first major resistance could be $2.35. A clear move above the $2.35 level could set the pace for another steady increase. The price could rally and test the $2.50 level in the stated case. Any more gains might send the price toward the $2.650 resistance zone.
Recently, SUI announced a major partnership with Sweet, opening the doors to Major League Soccer on its network.
Downside Correction?
If not, SUI might start a downside correction from $2.170 or $2.20. Immediate support is near the $2.00 level. The first support is visible near the $1.915 level or the parabolic curve.
The next major support is near the $1.775 level. The main support is now forming near the $1.600 level and the 50-day simple moving average (blue). A daily close below the $1.60 support could trigger a major drop. The price could dive toward the $1.20 support in the stated case.
Overall, the SUI price is gaining pace above the $2.00 level and aiming for a fresh surge above $2.20. The bulls might remain active near the $1.915 and $1.775 levels if there is a pullback.
The post SUI Price Sets Its Sights Higher—Will $2.20 Open The Door for More Gains? appeared first on CoinChapter.
