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SUi price has been showing upward movement and is now trading at $3.37. Analysts anticipate a pullback to the $1.90-$2.30 zone where SUI could find support for the next bullish run.
Golden Cross and Sustained Uptrend Indicate Bullish Potential
There is a golden cross formation on the SUI daily chart where the short-term moving average has crossed above the long-term moving average, suggesting a bullish trend.
This technical pattern points to further continuation of the higher high trend based on recent price movements.
However, smaller candlesticks in recent sessions might signal a potential pullback in the upward trajectory as SUI approaches the $3.10-$3.35 resistance level.
According to the analysts, traders should look for the consolidation around this level, which may typically mean that there will be a temporary halt in the upward movement of price.
If the price retreats, the $2.60 moving average could present nearby support that could be used as an entry point.
The Money Flow Index (MFI) is currently at 72.06, putting SUI in the overbought territory, which might indicate that the buying pressure may soon decrease in the near term and trigger a small pullback.
Retest of Liquidity Zone Could Confirm Bullish Structure For Sui
Market analyst PStrade2 believes that SUI will return to the $1.90-$2.30 area of liquidity after the rally, which can act as a support level for buyers.
The $SUI price has fulfilled all of its goals and even more.
— PS trade (@PStrade2) November 15, 2024
Now, according to the canons of TA, the #SUIUSDT price should correct and "test" the liquidity zone of $1.90-2.30.
And from there, the pair could continue to grow and update the ATH.
The critical level for the trend to… https://t.co/BxVwtJFpvQ pic.twitter.com/E3lv3lYmjB
According to PStrade2, a successful test of this zone will help to confirm the uptrend to strengthen and create strong support for the further bullish trend.
The analyst also points to $1.60 as a critical level to hold on to the bullish outlook. If the price drops below this level, it may indicate a reversal of the trend.
However, as long as the SUI trading price stays above $1.60, then the outlook remains bullish and could have continued upward movements.
A rounded bottom formation marked from June to November 2024 also indicates the long-term buy signal as it is a bullish reversal formation.
This structure implies that SUI’s recent swings could be part of a broader bullish formation, provided that support lines hold at higher levels.
Price Targets and Potential Scenarios for Upside
Analysts outline two potential scenarios for SUI after a pullback to the $1.90-$2.30 range.
In the first scenario, SUI bounces off this support area and resumes its uptrend, potentially reaching targets at $3.55 and as high as $6.62.
This scenario would confirm the liquidity zone as a strong foundation, supporting further gains and marking key milestones.
In the second scenario, SUI continues its uptrend without revisiting the liquidity zone. If the price swiftly breaks above current resistance, it could reach the projected targets more quickly.
Both forecasts suggest bullish potential, provided that support levels hold and buying interest remains strong.
Volume analysis aligns with this outlook, as rising volume during recent price increases indicates solid buyer engagement.
Sustained volume during a retest of support could signal robust demand, potentially propelling SUI higher once any consolidation ends.