Will a rounding bottom breakout rally in SUI result in a 50% hike to the $3 mark this October?
As the crypto market sustains above the $2.15T mark, Bitcoin gradually inches closer to the $65k mark. Amid the high tensions of global cross-border politics, SUI remains in a clear uptrend despite the altcoin market jitters.
Will the bullish trend in SUI continue to soar higher as the market anticipates an October bull run? Let’s find out where the SUI price is headed beyond the potential $2 breakout.
SUI Price Analysis
SUI reveals a massive trend reversal rally in the daily chart, aiming to skyrocket above the $2 psychological mark. Starting the bullish trend with a falling channel breakout, the altcoin quickly breaks the short-term barriers.
The recovery run in SUI started in early August from a year-to-date low of $0.4623. Further, the ongoing bullish rally now accounts for a 327% surge, trading at $1.9757.
The intraday gain of 7.48% following the 4.94% surge on Sunday accounts for two consecutive bullish engulfing candles. If the intraday candle holds the current price till the end of the day, it will mark the highest closing price since April 2024.
Rising Channel in the 4-hour Chart
In the 4-hour chart, a deeper price analysis on a magnified scale reveals a positive cycle in the rising channel pattern. Six consecutive bullish candles in the 4-hour chart deem the ongoing bull cycle accounts for a 15.50% surge from $1.6550.
The recovery rally surpasses the neckline at $1.9468, with an engulfing candle heading towards the overhead trend line. A bullish breakout will extend the recovery run.
With the growing demand for the SUI token, the 50, 100, and 200-day EMA regain bullish alignment with positive crossovers. Meanwhile, the daily RSI line takes a quick hike back into the overbought boundary after a minor drop.
SUI Headed Beyond $2
The rising trend in SUI is approaching the neckline of the rounding bottom reversal near the 100% Fibonacci level at the $2 psychological mark. A bullish breakout from this rounding bottom pattern is likely to challenge the 1.618 Fibonacci level at $3, representing a potential 50% increase.
In case of an extended rally amid the October season, the 2.618 Fibonacci level at $4.58 is an optimistic price target.
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.
