SUI Price Uptrend Shines Bright as Bitcoin Loses Momentum

Sui (SUI) price extended gains and tested the $5.35 zone before correcting some gains. It is now consolidating and holding the $4.00 support.

SUI Price Defies The Odds

In the past few days, SUI saw a steady increase above the $4.00 resistance, beating Bitcoin, Ethereum, and Solana. The bulls were able to push the price above the $4.50 and $5.00 resistance levels. It even tested the $5.35 zone before there was a pullback.

SUI price corrected below the $5.05 and $5.00 support levels. There was a drop below the 50% Fib retracement level of the upward move from the $3.962 swing low to the $5.357 high. However, the bulls are still active above the $4.00 support and the 50-day simple moving average (blue).

SUI is holding gains above the 61.8% Fib retracement level of the upward move from the $3.962 swing low to the $5.357 high. There is also a key rising channel forming with support at $4.00 on the daily chart.

If the bulls protect the rising channel support, there could be a fresh increase in the near term. Immediate resistance sits near the $4.90 level. The first major resistance is $5.00.

A close above the $5.00 level could set the pace for more upsides. The next major resistance could be $5.35. A clear move above the $5.35 level could set the pace for another steady increase. In the stated case, the price could rally and test the $5.650 level. Any more gains might send the price toward the $6.00 resistance zone.

Recently, Artinals announced their Mainnet Launch, bringing their open-source NFT protocol to the Sui Network and demonstrating Sui’s commitment to tokenizing real-world assets.

Downside Correction?

If SUI struggles to start a fresh increase, it might see more losses. Immediate support is near the $4.60 level. The first major support is near the 50-day simple moving average (blue) at $4.30.

The main support is now forming near the channel at $4.00. A daily close below the $4.00 support could trigger a major drop. In the stated case, the price could dive and test the $3.10 support. It is close to the 1.618 Fib extension level of the upward move from the $3.962 swing low to the $5.357 high. Any more losses might send the price toward the $2.50 support.

Overall, SUI price is holding gains above $4.30 and $4.00. If the bulls remain active above the $4.00 support, Sui could outperform Bitcoin and rise toward $6.00.

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