- Sui jumps to one-month high, up for third consecutive day, on confirming bullish breakout.
- SUI bulls face 200-day SMA test, but upside momentum stays strong.
- SUI/USD faces $3.80 test before bulls charge toward $5.00 target and $5.37 record high
- Bears stay away above $2.94, but 100-day SMA could attract short-term selling pressure if SUI pulls back.
Sui (SUI/USD) refreshes a one-month high around $3.28 during early Thursday U.S. trading, confirming a breakout from a two-month-old Falling Wedge pattern—a bullish signal—and crossing above the 100-day Simple Moving Average (SMA).
Also supporting the bullish move is the Moving Average Convergence Divergence (MACD) indicator that shows positive momentum, while the 14-day Relative Strength Index (RSI) remains strong.
However, the 200-day SMA now challenges the rally on the daily chart. Also, the four-hour RSI is in overbought territory, adding some caution—but also hinting at strong interest and potential volatility.
SUI/USD: Daily chart shows hurdles for bulls
Source: TradingView
Despite facing resistance near $3.28 at the 200-day Simple Moving Average (SMA), Sui still holds its bullish bias. The confirmed Falling Wedge breakout points to a potential target near $5.00, backed by strong MACD signals and a 14-day RSI above 50.0 but not yet overbought.
Before aiming for the falling wedge’s theoretical target of $5.00, however, SUI bulls must break a key resistance trendline from January, now near $3.80. That said, a sustained move above $5.00 could shift focus toward the all-time high around $5.37, set in January.
Alternatively, immediate support lies at the 100-day SMA near $3.06 and the wedge’s upper boundary around $2.94. Below that, Sui sellers may target the monthly low of $2.30 and wedge support at $2.20. Additionally, a deeper drop could expose the broader support zone between $2.06 and $1.86, with the yearly low of $1.72 as the final defense.
SUI/USD: Four-Hour chart signals consolidation before next rally
Source: Tradingview
While the daily chart remains bullish, the four-hour chart shows overbought conditions on the RSI, hinting at a potential short-term pullback or consolidation below June’s peak near $3.55.
Additionally, SUI/USD also faces resistance from a two-month descending trendline near $3.65—before bulls can aim for higher levels discussed on the daily chart.
On the downside, immediate support sits at the former resistance from May 27, now around $3.11. A deeper pullback could see selling pressure test the 200-bar and 100-bar SMAs at $2.92 and $2.84, respectively—before opening doors to lower support zones highlighted earlier on the daily chart.
Despite short-term pressure, overall momentum favors buyers, and any dips may simply set the stage for the next bullish move.
