Will the SUI token reach $1.48 if it breaks above the $1 neckline of an inverted head and shoulders pattern, especially with the Grayscale SUI Trust launch?
With the launch of the Grayscale SUI Trust, a new SUI-focused investment class enters the financial market. This marks a major achievement for the project and potentially boosts the market demand for SUI.
Following the recent crash, the price of SUI has been on a steady upward trajectory. Since Monday, the SUI token has surged by 9.68%, building on last week’s 24% bull run.
This recent price jump, which began on September 2, has more than offset the 23% decline seen in the last week of August when the token fell from $1.0010 to $0.7609.
In September alone, the SUI token has risen by over 40%, rebounding from a low of $0.7426 to a high of $1.04. This trend suggests that the SUI price has entered a new phase of bullish momentum.
SUI Bullish Momentum From Technical Analysis
In the daily chart, the SUI price reveals an inverted head and shoulder pattern breakout with a neckline at the $1 psychological mark. With the intraday jump of 10.5% from the opening price of $0.9299, SUI forms a bullish engulfing candle to reclaim the $1 psychological mark.
Based on the Fibonacci level, the DeFi token takes support from the 23.60% Fibonacci level at $0.8990 and is headed to the 38.20% level at $1.12. With the bullish pattern breakout, sustenance above the neckline will result in a massive surge in the upcoming times.
SUI Technicals and Targets Ahead
The MACD indicator is showing a bullish crossover as the SUI price rises, and positive histograms are increasing, signaling a boost in momentum.
Although the key EMAs (50, 100, and 200 days) remain bearish, the token has recently surpassed all of these EMAs. This development raises the potential for a bullish crossover between the 50-day and 100-day EMAs.
Based on Fibonacci levels, the breakout rally could target the 50% and 61.80% retracement levels, which correspond to approximately $1.3063 and $1.4883, respectively.
Disclaimer: 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’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
