SUI (SUI) is creating a strong technical case for a 100% price rallies in the coming weeks, and many optimistic updates have further helped, including the recent NASDAQ ETF filing with the Securities and Exchange Commission (SEC).
Gooner EMA Support Increases the Possibility of 40% SUI Bounce
As of May 28th, SUI had reclaimed “Gooner EMA” to support its weekly charts.
Gooner EMA is a technical indicator created by trader Nebraskangooner, using the 11th and 22nd term Index Moving Averages (EMA). When prices exceed the EMA range, it often leads to additional profits.
When prices fall below the EMA range, they tend to follow deeper losses.
SUI lost this support between about $3.34 and $3.59 after the $200 million exploit hit Cetus, a decentralized exchange built on the SUI blockchain.
Related: SUI Valtter votes for $162 million Cetus Recovery Plan to restore user funds
According to Nebraskangooner, now that SUI has regained its zone, bullish feelings are coming back.
He wrote:
“As long as we can retain support from Gooner EMA, we can retest ATHS. There are even opportunities for new ATHs depending on the market situation.”
The SUI’s current record height is around $5.36, about 40% above its current price.
The Fibonacci Retracement Level and SUI General Ascending Channel Setup Project is $7.56 as a new record target, up 100% or more from current levels.
SUI ETF NASDAQ file
Nebraskangooner’s bullish outlook for SUI comes almost a week after NASDAQ’s SUI ETF application was with the US Securities and Exchange Commission (SEC).
21Shares already offers SUI Exchange-Traded products (ETP) in Europe listed on both EuroNext Paris and EuroNext Amsterdam. Since its launch in July last year, SUI prices have skyrocketed by over 350%.
According to a May 26 report from Coinshares, these lists also helped raise the SUI-based ETPS’s management assets (AUM) to $337.2 million.
From May 16th to May 24th alone, SUI products attracted $2.9 million influx and ranked just behind Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP).
NASDAQ’s SUI ETF regulatory approval remains uncertain as is the case with most cryptographic ETF applications.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
