- Sui price faces the first weekly gain in four while keeping bounce off the 200-day SMA within a multi-week “Falling Wedge”.
- SUI’s rebound from key SMA joins a Stochastic U-turn from the oversold zone to underpin a short-term bullish bias.
- The 50-day SMA acts as an additional upside barrier before SUI can confirm a bullish rally toward $5.00.
- Sellers have multiple levels to tackle, $2.90 gains major attention.
- Short-term SUI buyers may return, but reversal of yearly loss requires a strong fundamental push.
Sui (SUI) price climbs 3% to $3.38 ahead of Friday’s U.S. employment report, extending its early-week rebound from the 200-day Simple Moving Average (SMA) within a five-week “Falling Wedge” bullish chart pattern.
SUI’s U-turn from the key SMA support joins a rebound in the Stochastic momentum indicator from oversold territory to strengthen the upside bias.
Notably, SUI’s recent price strength is supported by the first rise in trading volume in four days and a recovering market cap. According to Santiment, Sui’s daily trading volume snaps a three-day weakness while rising to $726.81 million, while its market cap recovered to $12.06 billion.
A bullish chart pattern, rising trader participation, and momentum recovery point to more upside for SUI. Still, multiple key resistance levels must be cleared before bulls can fully reverse the yearly loss.
Also read: Why WLFI Token Fell 50%? Justin Sun’s move Sparks Speculation!
SUI Price: Daily Chart Shows Bullish Consolidation
SUI price holds Monday’s rebound from the 200-day SMA, supported by a Stochastic bounce from oversold territory, attracting buyers within a five-week bullish pattern between $3.10 and $3.62.
Also acting as an upside filter is the 50-day SMA hurdle surrounding $3.65, a clear break of which could pave the way for SUI’s rally towards the falling wedge’s theoretical target surrounding $5.00.
Still, multiple tops marked since late January, between $4.26 and $4.44, could challenge the altcoin’s upside past $3.65.
It’s worth noting that the quote’s sustained trading beyond $4.44 could not only approach the $5.00 mark but also raise hopes of witnessing a fresh yearly high, currently around $5.36.
Alternatively, the 200-day SMA surrounding $3.14 can restrict SUI’s immediate downside before the stated wedge’s bottom of $3.10.
Above all, SUI buyers can stay optimistic as long as the price holds above the four-month ascending support near $2.90 on a daily closing basis.
SUI Price: Four-Hour Chart Signals Consolidation Before Next Rally
While the daily chart shows an open space below $3.62, the four-hour (4H) chart highlights the 100-bar and 200-bar SMAs, respectively near $3.43 and $3.57, as immediate upside filters.
Also, the Stochastic line is close to the overbought territory on the 4H chart, making hopes of consolidation in prices viable before witnessing the next leg up.
However, the quote’s sustained trading beyond a two-month-old horizontal support, surrounding $3.10, keeps the SUI buyers hopeful.
Meanwhile, the $3.00 threshold and early-July swing lows near $2.82 act as additional supports to watch during the quote’s weakness past $3.10 key support.
Conclusion
SUI’s recent rebound shows growing bullish interest, supported by strong technical signals, improved momentum, and rising trader activity.
While the price may face some short-term consolidation, if the U.S. data fuels the USD, the overall outlook remains positive.
As long as key support levels hold and the SUI fundamentals improve, bulls have a good chance to aim for higher levels and possibly revisit the yearly highs.
