Sui (SUI) price found support near the $2.30 zone. It is now recovering, gaining pace above $2.750, and might aim for an upside break.
SUI Price Regains Traction
After a strong rejection above $4.20, SUI price saw a steady decline below the $4.00 level. It underperformed Bitcoin and traded below the $3.50 support level. There was also a drop below the 61.8% Fib retracement level of the upward move from the $1.719 swing low to the $4.291 high.
Finally, the bulls appeared near the $2.30 support zone. A low was formed at $2.299 and the price recently started a steady recovery wave. There was a move above the $2.40 and $2.50 resistance levels.
SUI cleared the 23.6% Fib retracement level of the downward move from the $4.29 swing high to the $2.29 swing low. It is up over 10% in the past few sessions and showing positive signs.
However, the bulls face a couple of major hurdles on the upside and the price is still well below the 50-day simple moving average (blue). Immediate resistance sits near the $2.950 level. There is also a key declining channel or a possible bullish flag pattern forming with resistance at $3.00 on the daily chart.
The first major resistance is near the $3.20 zone and the 50-day simple moving average (blue). The next hurdle could be near the 50% Fib retracement level of the downward move from the $4.29 swing high to the $2.29 swing low at $3.30.
A close above the $3.20 and $3.30 levels could spark a steady increase. In the stated case, the price could rally and test the $3.80 level. Any more gains might send the price toward the $4.30 resistance zone.
Fresh Decline From $3.00?
If SUI fails to clear the trend line resistance, there could be a fresh decline. Immediate support is near the $2.650 level. The first major support is near the $2.50 zone. The next key support seems to be forming near the $2.30 level.
If the bulls fail to protect the $2.30 support, there could be an extended decline. In the stated case, the price could dip and test the $2.050 support zone. The main support is now forming near the $2.00 zone. A daily close below the $2.00 support could trigger a larger decline. In the stated case, the price could dive and test the $1.70 support.
Overall, SUI price is showing positive signs above the $2.60 level. However, to start a fresh increase, the price must clear the $3.00 and $3.20 resistance levels.
