Being one of the best performing cryptocurrencies last week, SUI price has continued its uptrend for two consecutive weeks. As demand for Altcoins increases and the chances of a recovery in the broader market improve with the possibility of a rate cut, buyers are flocking to SUI.
Will a fresh breakout and jump to the 50% Fibonacci level lead to a new all-time high for SUI this year? Let’s find out.
SUI Price Analysis
With a falling channel pattern on the daily chart, SUI price is in a recovery trend. After breaking the channel, SUI consolidated between the 23.60% and 50% Fibonacci levels, ranging from $0.73 to $1.05.
With the broader crypto market rally last week, SUI price reclaimed the psychological $1.00 mark and broke above the 50% Fibonacci level. Furthermore, SUI’s rally created a rounding bottom pattern on the daily chart with the neckline at the 50% Fibonacci level.
Currently, SUI price is trading at $1.1079 with a 2.73% increase on the day. From its recent bottom of $0.46 on August 5, SUI price has increased by 139% in just 42 days.
Technical indicators:
EMA: Amidst the bullish momentum, important EMAs are trending and preparing for a golden breakout between the 50-day EMA and the 200-day EMA. This will fuel the overall recovery of the SUI Token.
MACD: Furthermore, the MACD line and the signal line are on the rise with the prominence of positive histograms.
Will SUI break the $1.75 barrier?
As the recovery gains momentum with the recent rounding bottom pattern, the channel breakout is likely to surpass the 61.80% Fibonacci level at $1.2371.
With three consecutive bullish candles and the bullish momentum of the breakout, SUI price is only 49.20% away from the previous high of $2.1816. Based on Fibonacci levels, the upcoming target levels for SUI Token are $1.55 and $2.07.
On the bright side, the logarithmic price chart and Fibonacci levels suggest $4.8051 as an ideal year-end target. So, with over 300% upside potential and a continued rally past $1, the SUI Token is one of the fastest growing Altcoins to watch in the crypto market.
Wondering if SUI bull run will surpass $2 by 2024? Find out now in Coinpedia’s comprehensive SUI price prediction!
