SUI recently started plotting its way to recovery following several bearish actions in the last three days. It started Wednesday at $0.79 and surged to a high of $0.87, and despite small selling pressure, it is looking to close at this valuation.
Currently up by over 8%, the coin is seeing significant price improvement from the previous day’s low. The coin started Tuesday at $0.89 but experienced massive corrections that brought prices down to its lowest in over six months. It retraced to a low of $0.76 for the first time since January. Although it saw small attempts at erasing the losses, it ended the day with losses of over 10%.
The previous day’s event continued Monday’s price decline. The asset dropped from $0.96, further separating it from the $1 mark. It retraced to $0.86 and registered losses of over 8%.
The current surge marks the first in the last three days. The hike comes barely a day after the project announced that it is expanding its ecosystem by launching the Sui bridge, a gateway between the Sui network and other blockchains like Ethereum.
To commemorate and incentivize users, the SUI network plans on giving out 100,000 tokens in airdrops to users.
SUI Flips Bullish
Due to the most recent surge, indicators are looking positive. One such is the relative strength index. During the previous intraday, the metric sank below 30, making the coin oversold. It rose to 36 as it saw a massive buyback. This buying comes amidst the over 46% decline in trading volume.
Nonetheless, the trend reversal is a sign of the bulls’ most recent actions. The asset is struggling to reclaim its first pivot support at $0.88. It may achieve this bid in the next 24 hours if the current trend.
Nonetheless, it is worth noting that the asset bounced off the 78% Fibonacci retracement level during the previous intraday session. The rebound points out significant demand concentration at the mark. Climbing above the S1 will guarantee an attempt at the 61% fib level at $1.
