With the BTC price inching closer to the $73,000 mark, the SUI token is back in action. Reclaiming the $2 psychological mark, the altcoin is just $300 million short of completing the $6 billion market cap.
It has increased by nearly 12% in the past 24 hours and shows a rapid recovery. Will this bullish trend lead to a price jump of more than 100%? Let’s find out.
SUI Price Analysis
In the daily chart, the SUI price action shows a falling channel breakout rally, gaining momentum. The bullish reversal started with a quick reversal from the $0.46 mark and now accounts for a price jump of 342% within the last 3 months.
Completing a rounding bottom reversal, the SUI price action shows a constant struggle to sustain dominance above the $2 psychological mark. In a recent pullback, the SUI token took support at the 50-day EMA and a new support trendline. Further, the crucial daily EMAs (50,100,200) maintain a positive alignment.
Completing a morning star pattern, the 16.82% jump we saw last night makes a massive bullish engulfing candle. Based on the Fibonacci levels, the SUI price is challenging the 100% Fibonacci level and the short-term resistance trendline.
The RSI indicator shows a bullish reversal, surpassing the 14-day SMA and inching closer to the overbought zone.
Where’s SUI Price Headed?
Considering the altcoin manages to surpass the overhead trendline, the next two price targets are present at $3 psychological and $4.80 at 1.272 and 1.618 Fibonacci levels respectively. On the flip side, a bearish reversal could retest the support trendline near the $1.85 mark or the 50-day EMA at $1.7303.
Wondering if the bull run in SUI will hit $5 in 2024? Find out now in Coinpedia’s well-rounded SUI price prediction, and subscribe to us for all the latest updates!
