As the broader market witnesses a slowdown in the bull run, SUI continues its bullish streak. With the growing trading volume and the bullish trend, SUI surpasses the $3 mark.
Currently, the SUI crypto trades at $3.14, aiming for a new breakout rally. Will this uptrend in SUI result in a price surge to a new all-time high? Let’s find out.
SUI Rallies Amid Ecosystem Boost
Over the past 4 days, the SUI price trend has showcased 4 consecutive bullish candles in the daily chart. This registers a price surge from $2.11 to the current market price of $3.14.
This accounts for a near 50% surge, breaking past the 100-day EMA line. With the bullish recovery, the chances of a bearish crossover between the 100-200-day EMA lines are decreased despite the recent merger.
Furthermore, the MACD and signal lines revive the bullish trend with a wave of new positive histograms. The currently firm bullish engulfing candle is approaching the 38.20% Fibonacci level at $3.20.
With the bullish breakout, the uptrend will likely challenge the 50% level at $3.60. Completing a rounding bottom reversal, the uptrend in SUI could eventually reclaim the previous swing peak at $5.30. This marks a massive upside potential.
The Fibonacci retracement level paints a possible all-time high near $6.20 with the 1.272 level. On the flip side, the crucial support remains at the 200-day EMA line at $2.75.
The sudden recovery in the SUI chart comes with the ecosystem boost. Recently, xmoney.com has announced the transfer of its financial infrastructure to SUI.
This will enable seamless spending facilities and additional real-world utilities to the ecosystem. In the recent tweet by SUI, this marks additional features such as card and payment infrastructure with EU compliance.
It will also bring acceptance of crypto payments at more than 20,000 merchants. Furthermore, spending SUI via a virtual MasterCard will be a key feature. With the massive boost and a new front for SUI, it becomes the fifth-biggest US-made cryptocurrency in the market.
