Following a confirmed bullish chart pattern, SUI (Sui) cryptocurrency could potentially surge towards a breakout target of $3.89. This bullish sentiment aligns with the recent activity in the Bitcoin (BTCUSD) market, which recorded a new all-time high on Thursday. This positive trend appears to have influenced select altcoins, including SUI, which experienced an 11.3% rally to $3.41.
Looking at SUI’s price prediction, a sharp turn from the 20-day exponential moving average (EMA) of $2.92 was noted on Wednesday, and a break above the 50-day simple moving average (SMA) of $3.08 was observed on Thursday. The 20-day EMA is showing signs of an upward move, and the relative strength index (RSI) has entered positive territory – an indication that the bulls are beginning to take control. If the price stays above the 50-day SMA, the SUIUSDT pair could advance to $3.55.
However, if the price drops and breaks below the 20-day EMA, it could signal that the bears are not done selling. In such an event, the pair might fall to $2.64, and possibly to $2.29 thereafter.
The SUIUSDT pair has completed a bullish inverse head-and-shoulders pattern, closing above the $3.08 level. The upsloping moving averages suggest a buyer’s market, but the overbought status on the RSI indicates a potential pullback in the near future. The neckline is a significant support level to monitor in case of a downward movement. If the price bounces off the neckline, the pair could rally to $3.50 and eventually to the pattern target of $3.89.
This optimistic scenario could be invalidated if the price decreases and falls below the moving averages. This could pull the pair down to $2.80 and potentially to $2.60. Like any investment or trading decision, this involves risk and should be evaluated thoroughly before action is taken.
