Key Takeaways:
SUI price extended its rally above the $1.70 resistance.
It broke a major consolidation pattern with resistance at $1.00 on the weekly chart.
The price is up over 80% in a month and might extend gains to hit a new all-time high.
Sui (SUI) price climbed higher above the $1.50 and $1.70 levels. The price is showing many bullish signs and might rally further above $2.00.
SUI Price Extends Rally
In the last technical analysis, we discussed how SUI could extend its surge toward the $2.00 resistance. In August 2024, the price formed a base above $0.50 before it started a fresh increase. The bulls cleared a major consolidation pattern with resistance at $1.00 on the weekly chart.
Recently, Sui team shared their achievements and collaboration details of September 2024, highlighting USDC addition to the network and 3DOS building a 3D printing network on Sui.
Thank you to the Sui community for a truly memorable #Suitember! From massive achievements to amazing collaborations and partnerships, here's a look back at some of the highlights from this month. pic.twitter.com/iOhce7ClwE
— Sui (@SuiNetwork) September 30, 2024
The price is up over 80% in a month and outperformed Bitcoin and Ethereum. The price climbed above the 61.8% Fib retracement level of the downward move from the $2.17 swing high to the $0.463 low.
Sui price weekly chart | Source: SUI/USD on TradingView.com
SUI is now well above the $1.50 pivot level and the 50-week simple moving average (blue). It is also above the 76.4% Fib retracement level of the downward move from the $2.17 swing high to the $0.463 low, which is a strong bullish sign.
The last 3-4 candles suggest the price could continue to rise. The first major resistance could be $2.00. A clear move above the $2.00 level could set the pace for another steady increase. In the stated case, the price could rally and test the $2.17 high. Any more gains might send the price to a new all-time high toward the $2.40 level or even $2.50.
Are Dips Supported?
If not, SUI might start a downside correction from $2.00 or $2.15. Immediate support is near the $1.75 level. The first support is visible near the $1.50 level.
The next major support is near the $1.420 level. The main support is now forming the $1.15 level and the 50-week simple moving average (blue). A close below the $1.15 support could trigger a nasty decline. In the stated case, the price could dive toward the $0.80 support zone.
Overall, SUI price is gaining pace above the $1.70 level. It seems like the bulls are now aiming for a new all-time high above $2.17. If there is a pullback, the bulls might remain active near the $1.50.
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