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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
