Sui (SUI) is making a strong technical case for a 100% price rally in the coming weeks, helped further by a slew of optimistic updates, such as the recent Nasdaq ETF filing with the US Securities and Exchange Commission (SEC).
Gooner EMA support raises 40% SUI bounce potential
As of May 28, SUI has reclaimed the “Gooner EMA” as support on the weekly chart.
SUI/USDT weekly price chart. Source: NebraskanGooner/TradingView
Gooner EMA is a technical indicator created by trader NebraskanGooner that uses the 11- and 22-period exponential moving averages (EMA). When the price crosses above the EMA range, it often leads to further gains.
When the price closes below the EMA range, it tends to follow deeper losses.
SUI lost this support, roughly between $3.34 and $3.59, last week after a $200 million exploit hit Cetus, a decentralized exchange built on the Sui blockchain.