SUI has surged by 17.57%, breaking through the $3.64 resistance level. Can the bullish flag breakout lead to a new all-time high beyond $4?
As one of the rising altcoins in the crypto market over the past 24 hours, SUI has increased by 4.36%. With this price surge, the altcoin has reached a market cap of $10.99 billion.
The SUI breakout rally is edging closer to a new all-time high above the $4 psychological milestone. Will the ongoing rally lead to an extension that crosses the $4 barrier? Let’s find out.
SUI Price Analysis
On the 4-hour chart, SUI’s price surge surpasses the overhead trendline of a falling channel pattern. This falling channel has formed a bullish flag pattern, complementing the bull run.
As a result, the SUI price action shows strong upward momentum, signaling a bullish flag breakout rally. The price broke past the overhead resistance trendline and faced resistance near the $3.64 mark, resulting in a minor pullback.
However, after a successful post-test reversal, SUI’s price has risen from $3.18 to $3.7417, representing a rally of 17.57%. Moreover, the breakout rally has moved above the $3.64 resistance level, which aligns with the 23.60% Fibonacci level.
The SUI price action continues to show a post-test reversal from the Fibonacci resistance-turned-support level. The price is inching closer to its all-time high of $3.9433, forming higher highs.
Additionally, the highest price coincides with the supply zone, which ranges from $3.89 to $3.95, just below the 38.20% Fibonacci level. Therefore, the ongoing breakout rally is approaching a critical resistance zone.
The breakout rally has also caused an uptick in the 50-SMA line, which is on the verge of crossing over the 100-SMA. Furthermore, the 4-hour RSI has risen near the overbought boundary, indicating increased underlying buying pressure. As a result, technical indicators suggest a boost in buying pressure, increasing the likelihood of reaching a new all-time high.
SUI Price Targets
Using the trend-based Fibonacci levels, in case of a breakout rally above the 38.20% mark, the immediate resistance levels are at $4.467. Hence, the upside potential in SUI this week is nearly 20%.
On the flip side, the dynamic support from the 50-SMA line at $3.45 and the 200-SMA line near the $3.00 psychological mark are likely to absorb any increase in supply.
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.
