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Will the rising channel in $SUI lead the price rally to $2.45 and set the stage for a breakout run to $3?
With the altcoin finding the attention of smart money before the crypto bull run, $SUI is poised for a massive rally. Surpassing the $2 mark, a post-retest in $SUI teases a 50% surge to $3.
Will the altcoin sustain a price jump to $3 as the MACD indicator remains uncertain?
$SUI Crypto Technical Analysis
With a 3.71% jump in the past 24 hours, $SUI is close to achieving the $6 billion market cap milestone. Currently, the market cap stands at $5.81 billion, with a 24-hour trading volume of $928 million.
At press time, $SUI is trading at $2.1070, with an intraday gain of 1.15%, following last night’s bullish reversal of $1.9745. This increases the possibility of a Morning Star pattern in the daily chart as $SUI retests the $2 breakout.
The 20-day EMA continues to provide dynamic support as the uptrend gains momentum. A break below the 20-day EMA will likely result in a price drop to the 78.60% Fibonacci level at $1.7492 in the daily chart.
On closer inspection, the $SUI price action in the 4-hour chart reveals a rising channel pattern. Currently, the rising channel pattern has retested the crucial zone near the $2 psychological mark, near the support trend line.
Is The $3 Price Target on $SUI’s Radar?
The MACD indicator shows the average line ready for a bullish crossover in the 4-hour chart, supporting the possibility of a bullish reversal.
With a double bottom reversal near the support trend line, the $SUI price action is starting a new positive cycle within the channel. This increases the possibility of a new all-time high formation closer to the $2.45 mark or the overhead resistance trend line.
However, the $SUI price action must surpass the overhead trendline for an extended rally. Based on the Fibonacci level in the daily chart, the uptrend can reach $3 at the 1.618 level.