SUI Price Rebounds at 180-Day Support as It Unveils BytePlus Partnership
Will SUI Partnership Help Ailing Price? | Credit : Getty Images
Key Takeaways
- SUI fell to a new yearly low on April 13 but has bounced since.
- It announced a new partnership with BytePlus on April 17.
- After a 60% decrease, if the SUI correction finally over?
The SUI price has been one of the best performers in 2024, increasing nearly 200% until it reached its all-time high of $2.18 on March 27. However, the trend has completely reversed since.
SUI has fallen 60% since its all-time high but bounced by nearly 40% afterward. Due to the significant bounce and validation of a long-term support level, enthusiasts wonder if the SUI price correction is finally over.
SUI Announces Partnership
On April 17, SUI announced a partnership with BytePlus, the technology arm of the company behind TikTok US . The partnership was announced in Sui Connect Dubai, and will explore data warehousing, augmented reality and content generation.
The partnership will allow Sui to use BytePlus’s data warehouse for analysis, helping improve the performance of SUI analytics. Finally, the partnership will explore ways to strengthen Sui educational programs and community building efforts.
SUI Price Prediction: Is the Correction Over?
The daily time frame outlook shows that the SUI price has increased alongside an ascending support trend line since October 2023. During this time, SUI completed a five-wave upward movement (white) and an irregular flat correction (black). In the correction, waves A:C had an exactly 1:1.61 ratio, common in such structures.
On April 13, SUI reached a low of $0.88 and bounced, validating the ascending support trend line (green icon). The trend line has existed for over 180 days. So, the upward trend can be considered intact as long as the trend line is in place.
During the bounce, the RSI fell to oversold territory but has moved away since.
If the correction is complete, the SUI price will break out from its short-term descending resistance trend line (dashed). Then, moving above the $1.40 resistance area will confirm this outlook, leading to new all-time highs.
On the other hand, a daily close below the ascending support trend line will mean the correction is still ongoing. Then, SUI can fall to the next support at $0.60.
SUI Safe as Long as Support Trend Line Holds
Due to the significant bounce and saving of a long-term support trend line, it is likely the SUI trend still remains bullish. Since the trend line has existed for over 180 days, the price movement relative to it can determine the trend’s direction. As long as the SUI price does not close below it, the resumption of the previous upward trend is the most likely future movement.
