Sui (SUI) has been on a strong rally since breaking above $2.37 on November 9, suggesting that bulls are in control of the market.
SUI/USDT Daily Chart | Source: TradingView
The bears have tried several times to stall the rally, but the bulls have been quick to capitalize on the intraday dips to buy in. The SUI/USDT pair could rise to $4, where the bears will again attempt to stall the rally. However, if the bulls gain the upper hand, the pair could surge to $4.25 and then $4.70.
The 20-day EMA ($2.86) is a key support to watch on the downside. A break and close below the 20-day EMA would suggest that the bulls are losing control. The pair could drop to $2.37.
SUI/USDT 4-hour chart | Source: TradingView
On the 4-hour chart, the SUI/USDT pair is finding support at the 20-EMA during corrections, indicating buying pressure on dips. If the bulls push the price above $3.93, the pair could rally to $4 and then $4.40.
Conversely, if the price reverses and breaks below the 20 EMA, it will indicate that the bulls are in a hurry to book profits. The pair could drop to the 50 SMA and further to the strong support at $2.80.
