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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.