Amid the ongoing pullback, the SUI price trend is signaling a potential channel breakout, with the possibility of crossing $4 and reaching a new all-time high.
As some altcoins in the crypto market are starting to heat up, despite the Bitcoin price facing a downfall to nearly $93,000, SUI is revealing a breakout possibility.
With a market cap of $9.36 billion, the SUI token currently trades at $3.29. With the increasing chances of a falling channel breakout rally, the bulls anticipate a new all-time high, crossing about $3.93. Let’s find the chances of SUI crossing $4.
SUI Price Analysis
In the 4-hour chart, the SUI price action showcases a falling channel pattern. The pullback phase of the SUI price trend has resulted in a lower high and lower low formation. Thus, two parallel boundary lines give rise to the falling channel pattern.
The pullback phase accounts for a price drop of 13.72% from $3.9352 to the current market price of $3.3954.
Now, the SUI price is showing positive momentum within the falling channel, approaching the overhead resistance trendline. Additionally, the price is testing the 50-EMA line, which coincides with the resistance trendline.
The 4-hour RSI is above the halfway mark, increasing the chances of a breakout rally. Moreover, the recent support from the 100-EMA line strengthens the breakout outlook. Together, these technical indicators signal a potential buy opportunity for SUI.
Will SUI Price Hit $4?
The declining trend in the SUI price has been approaching a long-coming support trend line. However, the quick recovery teases a bullish breakout before reaching the support trendline.
Considering the increased breakout chances, the chances of a new all-time high have also increased.
Using trend-based Fibonacci levels, the immediate price target is $3.75. However, the $3.89 breakout could mark a change of character in the SUI price trend.
The breakout run will put the $4.19 and $4.58 on the bullish radar. On the flip side, a bullish failure will result in a drop to the $3.14 support, followed by the $3.00 psychological standpoint.
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.
