Key Takeaways:
SUI price started a fresh surge above the $1.070 resistance.
A key bullish trend line is forming with support at $1.008 on the daily chart.
The price is up over 10% and might extend gains toward the $1.43 level.
Sui (SUI) price gained bullish momentum after it cleared $0.90. It is up over 30% in a week and might extend its surge by 20%.
SUI Price Outperforms With 30% Move
After forming a base above the $0.750 level, SUI price started a fresh increase. It broke many hurdles near the $0.8450 and $0.900 levels to enter a positive zone. It gained over 30% in a week and outperformed many major altcoins such as Solana and Ethereum.
Fundamentally, Sui recently concluded âBuilder Houseâ in Singapore. The team made a few announcements, including Circleâs native USDC is coming to Sui and an official blockchain technology partnership with ONE Championship.
Thatâs a wrap on an incredible day of knowledge sharing and community building at #SuiBuilderHouse: Singapore!Thank you to the hundreds of builders who attended â celebrating the Sui community and learning about the latest news!Here's what was announced in just the last 24⊠pic.twitter.com/bUgv5pNlZ8
â Sui (@SuiNetwork) September 17, 2024
During the recent surge, the price broke the 76.4% Fib retracement level of the downward move from the $1.169 swing high to the $0.746 low. It is now trading well above the $1.169 high and the 50-day simple moving average (blue).
Sui price daily chart | Source: SUI/USD on TradingView.com
SUI is up over 10% in a few hours, and it seems like the bulls are not done yet. If they remain in action, the price could surge toward the $1.250 level. The first major resistance could be $1.270.
A clear move above the $1.27 level could set the pace for a larger increase. In the stated case, the price could rally and test the 1.618 Fib extension level of the downward move from the $1.169 swing high to the $0.746 low at $1.430. Any more gains might call for $1.50.
Downside Correction?
If not, SUI might start a downside correction from $1.25 or $1.27. Immediate support is near the $1.150 level. The first support is visible near the $1.0690 level (the recent breakout zone).
The next major support is near a key bullish trend line at $1.008 on the daily chart. The main uptrend support sits near the 50-day simple moving average (blue) at $0.85. A daily close below the $0.850 support could trigger a nasty decline. In the stated case, the price could dive toward the $0.750 support zone.
Overall, SUI price is pumping above the $1.0690 pivot level. If there is a pullback, the bulls might remain active near the $1.06 and $1.00 levels. On the upside, the main target for the bulls could be $1.430.
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