Will September Bring a Breakout?

With the altcoins market bouncing back near the week and month end, the SUI token price teases a comeback to$1. Trading below the 50D EMA, the bullish resurgence with a morning star eyes a breakout run to $1. Will the extended rally result in a jump to $1.2 in September’s first week?

SUI Token At Crucial Crossorads

With a sharp recovery in the second week of August, the SUI price jumped 90% in a week from $0.53 to the 200-day EMA near the $1. psychological mark. The bull run resulted in a breakout of the falling channel pattern, reflecting the prevailing downtrend. 

However, the bullish momentum failed to sustain dominance above the dynamic resistance of the 200-day EMA, resulting in a sideways trend. The consolidation range led to a double-top formation in the daily chart, with peaks formed at the $1.001 psychological mark. The neckline stood at $0.80. 

With a four-day crash in the SUI token, the bearish powers led to a double-bottom breakdown. However, the failed bearish continuation led to lower price rejections near the $0.75 mark, close to the 23.60% Fibonacci level. 

With a 3.52% jump last night, the SUI token forms a Morningstar pattern to retest the broken 50-day EMA. However, the 1.14% intraday pullback puts the altcoin back to $0.82. 

Technical Indicators:

EMA: The 50-day and 200-day EMA maintain a bearish alignment in a sideways trend after the Death Cross event in May 2024. 

Relative Strength Index: The daily RSI line is below the halfway line at 47%, with a bearish inclination in the 14-day SMA. 

Will SUI Price Hit $1.2?

With a sideways shift, the bearish turn of events, the altcoin is stuck between the 23.60% and 38.20% Fibonacci levels at $0.73 and $0.89, respectively. A breakout of either side will determine the upcoming trend. 

The potential bullish targets for the altcoin are at 50% and 61.80% levels at $1.00 and $1.23, respectively. Below the 23.60% level, the next support level is at $0.64.