Key Takeaways:
- SUI price started a downside correction below the $2.00 support zone.
- A key parabolic curve is forming with support at $1.80 on the daily chart.
- The price must stay above the parabolic curve to avoid a sharp decline.
Sui (SUI) price struggled to stay above $2.20 and corrected gains. It is now consolidating near the key support at $1.80.
SUI Price Reaches Major Support Zone
Recently, SUI saw a bearish reaction from the $2.125 zone. The price started a downside correction below the $2.05 and $2.00 support levels like Bitcoin, Ethereum, and Solana. There was also a close below the $2.00 handle.
The bears pushed the price below the 50% Fib retracement level of the upward move from the $1.602 swing low to the $2.125 high. However, the bulls are now protecting the key support at $1.80 and the 50-day simple moving average (blue).
SUI is stable above the 61.8% Fib retracement level of the upward move from the $1.602 swing low to the $2.125 high. There is also a key parabolic curve forming with support at $1.80 on the daily chart.
If the bulls protect the parabolic curve support, there could be a fresh increase in the near term. Immediate resistance sits near the $1.965 level. The first major resistance is $2.00. A close above the $2.00 level could set the pace for more upsides.
The next major resistance could be $2.125. A clear move above the $2.125 level could set the pace for another steady increase. In the stated case, the price could rally and test the $2.350 level. Any more gains might send the price toward the $2.50 resistance zone.
More Downsides?
If SUI struggles to start a fresh increase, it might see more losses. Immediate support is near the $1.80 level and the parabolic curve. A daily close below the $1.80 support could trigger a major drop.
The first support is visible near the $1.620 level. The next major support is near the $1.480 level or the 1.236 Fib extension level of the upward move from the $1.602 swing low to the $2.125 high. Any more losses might send the price toward the $1.40 support.
Recently, Suilend announced the launch of sSUI – the future of liquid staking on Sui built using the SpringSui Standard.
Overall, SUI price is consolidating near a major support at $1.80. If the bulls fail to protect the stated support, there could be an extended decline toward $1.620 level.
