Becoming one of the top-performing cryptos last week, the SUI price continued a bullish trend for two weeks. As the demand for altcoins grows and the broader market recovery chances improve with the rate cut possibilities, buyers are lining up for SUI.
Will a new breakout run and the price jump of 50% Fibonacci level result in a new all-time high for SUI this year? Let’s find out.
SUI Price Analysis
With a falling channel pattern in the daily chart, the SUI price is on a bullish recovery rally. Following the channel breakout, the SUI consolidated between the 23.60% and 50% Fibonacci level, ranging from $0.73 to $1.05.
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With broader market crypto recovery last week, the SUI price reclaims the $1.00 psychological mark and surpasses the 50% Fibonacci level. Further, the SUI recovery creates a rounding bottom in the daily chart with a neckline at the 50% Fibonacci level.
Currently, the SUI price is trading at $1.1079 with an intraday gain of 2.73%. From its recent bottom at $0.46 on 5th August, the SUI price is up by 139% in just 42 days.
Technical Indicators:
EMA: Amidst the growing bullish influence, the crucial EMAs are trending and preparing for a golden crossover between the 50-day and 200-day EMA. This will boost the broader market for the SUI token’s recovery run.
MACD: Further, the MACD and signal lines are on a bullish track with a surge in the positive histograms.
Will SUI Cross $1.75 Barrier?
As the recovery rally gains momentum with the recent rounding bottom reversal, the channel breakout rally is likely to exceed the 61.80% Fibonacci level at $1.2371.
With three consecutive bullish candles and the breakout rally gaining momentum, the SUI price is just 49.20% away from its previous swing high at $2.1816. Based on the Fibonacci levels, the upcoming target levels for the SUI token are $1.55 and $2.07.
Optimistically, the logarithmic price chart and the Fibonacci levels present $4.8051 as an ideal year-end target. Hence, with a massive upside potential of more than 300% and an ongoing recovery crossing $1, the SUI token is one of the fastest altcoins to watch in the crypto market.
Wondering if the bull run in SUI will surpass $2 in 2024? Find out now in Coinpedia’s well-rounded SUI price prediction!
