SUI Rallies in Early September, Eyes Critical Resistance Level Next
Has SUI Started its Rally? | Credit: Hameem Sarwar
Key Takeaways
- SUI price has nearly doubled since its low on Aug. 5.
- September has seen the altcoins commence its price action on a bullish note.
- Can SUI maintain its increase above the $1.20 resistance?
SUI has been one of the best performers in the crypto market during a bearish August. SUI’s performance continued in the first week of September, leading to a bullish candlestick nearly reaching the $1.20 resistance area.
Can SUI sustain this upward movement throughout the rest of the month and break out from the $1.20 resistance area?
SUI Creates Bullish Candlestick
The weekly price history shows that SUI has fallen since its all-time high of $2.18 on March 25. The decline led to a low of $0.46 on Aug. 5, validating the $0.55 horizontal area as support. This is the final support area before the all-time low of $0.36.
The SUI trend has been bullish since this five-month correction. The bullish candlestick in the first week of August highlights the trend’s direction, starting the ongoing bounce.
The price of SUI is approaching the $1.25 horizontal area, which has acted as both support and resistance since May 2023. Then, the only resistance area will be left at $1.53, created by the 0.618 Fibonacci retracement resistance level.
Technical indicators like the Relative Strength Index (RSI) and MACD support the upward movement, and they have nearly turned bullish. The MACD made a bullish cross and is moving toward 50 (black circle), while the RSI is breaking out above 50 (grey circle).
So, while the weekly time frame does not yet confirm the bullish trend, it gives several signs that the increase will continue. A weekly close above $1.20 will further support this possibility.
SUI Price Breakout and Retest
The daily chart reiterates the findings from the weekly one because of the price action and wave count.
The price action shows a breakout from a descending parallel channel and a successful retest (white icons). Descending parallel channels usually contain corrective movements, and their breakout validates this scenario.
Next, the wave count shows a completed impulse and A-B-C correction (black), where waves A:C had an exact 1:1 ratio.
It is unclear if the increase is a five-wave impulse (white) or an upward A-B-C structure (yellow). However, both would take the SUI price toward at least $1.40. The target is found by giving either waves A:C or waves 1:3.
If the increase is a five-wave impulse, SUI will likely reach the $1.53 resistance area and eventually break out.
SUI Price Analysis: Sights Set on $1.45
The SUI price shows several bullish signs in the weekly and daily time frames. While an increase toward $1.40 is likely, the trend’s direction after that is unclear and depends on the reaction once SUI reaches that point.
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