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HomeCrypto NewsAnalysisWill a Flag Breakout Rally Boost SUI by 52% to Hit $3.112?

Will a Flag Breakout Rally Boost SUI by 52% to Hit $3.112?

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Will SUI reach $3 now that the pullback phase has concluded and a flag breakout rally could extend to 30%?

As the top performer among the top 100 coins, SUI has increased by 12.89% in the past 24 hours. Currently, SUI is trading at $2.08, having reclaimed the psychological threshold, with a market capitalization of $5.74 billion.

Could SUI hit the $3 mark if technical indicators signal a bullish trend and a breakout rally occurs within a shorter time frame?

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SUI Flag Breakout Rally Crosses $2

In the 4-hour time frame, SUI’s price action has shown several days of consolidation during a period of heightened market volatility. The recent pullback accounted for a decline of nearly 32%, dropping from a peak of $2.36 to a low of $1.60.

COINBASE:SUIUSD Chart Image by Trojan69420

However, following a surge in Bitcoin’s price, SUI has surpassed the $2 mark, resulting in a quick V-shaped recovery. This recovery has seen a price jump of 30%, rising from $1.60 to $2.08.

Additionally, the short-term resistance trendline established during the pullback phase has been unable to impede bullish growth. Hence, with the conclusion of a pullback, the SUI price action reveals a bullish flag breakout rally. 

The 4-hour Relative Strength Index (RSI) is nearing the overbought zone, suggesting a saturation of buying pressure. Consequently, a minor pullback to retest the broken 23.60% level is possible.

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Meanwhile, as the bullish influence has significantly increased, the 50 and 100 EMA in the 4-hour chart are ready for a bullish crossover. Thus, this increases the likelihood of these crucial EMAs regaining a bullish alignment.

Will SUI Cross The $3 Threshold?

Using the trend-based Fibonacci level over the flag pattern, SUI trades above the 23.60% Fibonacci level at $1.97. However, the uptrend is struggling to gather momentum to reach the 38.20% level at $2.1963. 

Based on the retracement tool, the SUI price will likely reach the 50% Fibonacci level at $2.3712, the peak of the resistance trendline. Meanwhile, the potential target for the bull run remains at $3.1125, the 100% Fibonacci level.

Notably, from SUI’s current price of $2.04, reaching $3.112 would amount to a 52.4% gain. However, before the optimistic target, a crucial resistance is present at $2.79 or the 78.60% Fibonacci level.

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.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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