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The Sui price soared 12% in the last 24 hours to trade at $2.06 as of 1:39 a.m. EST on trading volume that surged 79% to $2.1 billion.
Sui Price Aims For A Bullish Trend Reversal
The SUI price on a daily chart reflects a market in a prolonged downtrend following a strong bullish rally earlier in the year.
After peaking near the $5.40 zone, the Sui price action has consistently formed lower highs and lower lows, according to GeckoTerminal data.
The recent rejection at the 50-day Simple Moving Average (SMA) currently at $2.54 reaffirms this bearish structure, as the price of Sui failed to reclaim this key dynamic resistance.
SUI is attempting to stabilize around the $2.06 level after briefly dipping below the 78.6% Fibonacci retracement level ($2.685), suggesting a potential support area forming near the $2.00-$2.06 zone.
Meanwhile, the Relative Strength Index (RSI) stands at 40.40. The RSI has formed a minor bounce from lower levels, hinting at possible short-term relief or consolidation before the next decisive move.
The 50-day SMA slows downward and acts as resistance, highlighting continued downside pressure. The Fibonacci retracement levels show that the price of SUI has lost key supports at the 61.8% ($3.26) and 78.6% ($2.68) levels, confirming the strength of the downward move.
SUI Price Prediction
Given the prevailing bearish trend, downward-sloping moving average, and the RSI remaining bearish territory, the near-term outlook remains cautious.
In the short term, the Sui price may trade sideways around $2.00, potentially retesting the $1.95 level if selling pressure intensifies.
However, a potential reversal setup could begin if SUI holds above the psychological support of $2.00 and forms a higher low. In the immediate term, resistance lies near $2.68 (the 78.6% Fib level) and $2.54 (the 50-day SMA).
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