SUI Rally Could Take Break, But The Bulls Are Not Done Yet

NEW DELHI (CoinChapter.com) — Sui (SUI) remained in a major uptrend above $1.20 and extended its rally. A short-term bearish divergence is emerging, which might trigger a minor correction.

SUI Pumps 50%

We discussed an extended rally above the $1.250 resistance in the last SUI price prediction. The price remained a major uptrend and climbed above the $1.30 and $1.32 resistance levels. It is up over 50% in a few days, and the bulls were able to push the price above $1.50.

A new high was formed near $1.648, and the price is now consolidating gains. It is positioned above the 23.6% Fib retracement level of the upward move from the $1.013 swing low to the $1.648 high.

SUI is trading well above the 50-day simple moving average (blue). A key parabolic curve is forming with support at $1.255 on the daily chart.

However, a minor bearish RSI divergence is emerging on the same chart. It seems like the SUI price might be lower sooner or later. If there is a pullback, the first support is visible near the $1.450 level.

The next key support is near the 50% Fib retracement level of the upward move from the $1.013 swing low to the $1.648 high at $1.335. The main uptrend support sits near the curve zone or $1.250. A daily close below the parabolic curve could trigger a nasty decline. The price could dive toward the $1.00 support zone in the stated case.

More Gains?

On the upside, the bears might remain active near the $1.650 level. The next major resistance is near the $1.70 level. A close above $1.70 could spark sharp bullish moves, especially if Bitcoin clears $45,000 again. The main stop for the current bull wave might be near the $2.00 zone, where the bears are likely to take a stand.

Recently, Banxa Announced SUI token integration into its platform, and there will be no transaction fees for buying SUI on Banxa for a limited period. Moreover, its developers can add functionality and compliance measures to their dApps utilizing Banxa.

Overall, the SUI price is pumping above the $1.50 pivot level. If there is a pullback, the bulls might remain active near the $1.335 and $1.250 levels. On the upside, the main target for the bulls could be $2.00.