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With a 38% surge creating a bullish engulfing candle, SUI outgrows the bearish channel and aims to surpass $0.90. Will the bullish breakout of the falling channel lead to a 150% price jump to $2?
With Ethereum prices skyrocketing above $2,500, the bull run for altcoins is gaining momentum. Amid the top performers, the SUI coin makes a high-energy move with a 38% overnight jump.
Further, the ballistic move results in multiple resistance breakouts as the altcoin prepares for a bullish journey ahead. So, let’s take a look at the SUI price chart to determine the bullish targets it can reach this month.
Trendline Breakout Meets Another Bearish Stone
Taking a look at the short-term price history, the SUI token has shown a declining trend over the past few weeks. With healthy volatility, the downtrend forming a falling channel hits the low of $0.53, accounting for a 75% drop from the annual high of $2.17.
However, as the broader market absorbs the supply for a bullish comeback, the underlying sentiments in the SUI chart overturn. Forming a long-tail at the support trendline near $0.46, the recovery run in the altcoin accounts for an 80% hike.
Moreover, the bull run creates a triple white soldier pattern and breaks above the overhead resistance trendline. Currently, SUI trades at $0.8353, and an intraday pullback of 2.01% suggests minor bullish exhaustion.
The technical indicators bolster the chances of a bullish trend reversal with the breakout run. The MACD and signal lines project a positive crossover as the green histograms skyrocket. Further, the DMI indicator gives the same signal with the VI lines crossing over for a positive alignment.
Will SUI Top $2?
As the bullish breakout rally of a falling channel marks a trend reversal, the SUI prices might face multiple overhead resistances.
Furthermore, based on the Fibonacci retracement over the correction phase, the $0.90 resistance aligns with the 23.60% Fibonacci level and warns of a minor correction ahead.
The post-retest bull run in SUI will likely challenge the 50% Fibonacci level at the $1.30 mark. Further, a push from the broader market recovery will be necessary for a price jump to the $2 mark.