NEW DELHI (CoinChapter.com) — Sui (SUI) started a strong uptrend above the $1 resistance. It gained over 15% in a day and might aim for a rally toward $1.45.
SUI Price Prediction Indicates More Gains
Earlier this month, Sui formed a strong base above the $0.65 level. A fresh rally was initiated after the price broke the $0.900 resistance zone. There was a strong upward move above the $1.00 and $1.20 resistance levels.
SUI even spiked above $1.40 and traded to a new multi-month high at $1.455, outperforming Bitcoin and other major cryptocurrencies. Recently, a downside correction was below the $1.35 and $1.25 levels, but the price remained well above the 50-day simple moving average (blue).
A low was formed at $1.013, and the SUI price is rising again. It is up over 15% and trading above $1.200. A major parabolic curve is forming with support at $1.04 on the daily chart.
On the upside, the bulls face resistance near the 50% Fib retracement level of the downside correction from the $1.455 swing high to the $1.013 low at $1.235. The first major resistance is near the $1.285 level.
The 61.8% Fib retracement level of the downside correction from the $1.455 swing high to the $1.013 low is also near $1.285. Therefore, a close above $1.285 might send the price toward the $1.35 level. The next major hurdle for SUI bulls could be $1.455, above which the price could surge toward the $1.62 level.
Fundamentally, Sui is now the number two non-EVM chain by Total Value Locked (TVL) and the number twelve by TVL for all chains.
The company also announced its inaugural global conference: ‘Sui Basecamp!’. It will be held in Paris on April 10-11.
Another Downside Correction?
If SUI fails to continue higher above $1.285 or $1.350, another downside correction might occur. Immediate support is near the $1.120 level.
The first major support sits near the parabolic curve at $1.04 or $1.00. A downside break below the parabolic curve support could spark strong bearish moves. The next major support is forming near the 50-day simple moving average (blue) at $0.880. Any more losses might call for a test of $0.700.
Overall, the SUI price shows many bullish signs and might attempt another surge above the $1.2850 and $1.350 resistance levels. If the bulls fail, there could be a drop toward $0.880 or even $0.700.
