Key Takeaways:
SUI price extended its surge above the $1.50 resistance.
A key bullish trend line is forming with support at $1.150 on the daily chart.
The price is up over 50% in a week and might extend gains toward the $2.00 level.
Sui (SUI) price remained in a strong uptrend above $1.25 and $1.50. The price tested $1.77 and might continue to rise toward $2.00.
SUI Price Extends Rally Above $1.50
In the last technical analysis, we discussed how SUI could extend its surge by 20%. The bulls remained in action and were able to push the price above the $1.50 and $1.60 resistance levels. The price even jumped above $1.70.
Recently, SUI appointed Jameel as the new Head of Ecosystem Development to help the builders and projects on Sui level up.
Introducing @jameellionaire â our new Head of Ecosystem Development!We strive to support and invest in the Sui community â and Jameel will be there to help the builders and projects on Sui level up. Give him a follow!#Suitember https://t.co/7VSABdHwaa
â Sui (@SuiNetwork) September 24, 2024
It is up over 50% in a week, outperformed major altcoins such as Ethereum, and recently traded as high as $1.7789. The price is now consolidating gains near $1.750 and is well above the 50-day simple moving average (blue).
Sui price daily chart | Source: SUI/USD on TradingView.com
SUI is showing no signs of stopping and might continue higher above $1.7789. The first major resistance could be $1.80. A clear move above the $1.80 level could set the pace for another steady increase.
In the stated case, the price could rally and test the $1.88 level. Any more gains might call for a test of the $2.00 handle.
Downside Correction?
If not, SUI might start a downside correction from $1.7789 or $1.80. Immediate support is near the $1.650 level. The first support is visible near the $1.550 level or the 23.6% Fib retracement level of the upward move from the $1.746 swing low to the $1.7789 high at $1.5350.
The next major support is near the $1.265 level. The main support is now forming near a key bullish trend line at $1.150 on the daily chart. It is close to the 61.8% Fib retracement level of the upward move from the $1.746 swing low to the $1.7789 high.
The next important support is near the 50-day simple moving average (blue) at $1.00. A daily close below the $1.00 support could trigger a nasty decline. In the stated case, the price could dive toward the $0.880 support zone.
Overall, SUI price is pumping above the $1.650 level. If there is a pullback, the bulls might remain active near the $1.550 and $1.500 levels. On the upside, the next target for the bulls could be $2.00.
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