With a bullish comeback, SUI has surpassed the $5 mark. Will the increased momentum lead to a new all-time high at $5.89?
Over the past 24 hours, the SUI token has experienced a significant recovery of 10.93%. By reclaiming the $5 psychological level, SUI’s market cap has risen to $15.41 billion.
As the altcoin rises against the bearish trend in the broader crypto market, the recovery suggests the potential for a new all-time high.
SUI Price Analysis
On the 4-hour chart, the SUI price trend shows a bullish comeback from a local support trendline, confirming renewed buyer interest. Multiple lower price rejections at the $4.50 psychological level reveal a double-bottom reversal, indicating strong accumulation at lower levels.
Additionally, the bullish move has resulted in a 13.55% surge from the low of $4.4957 to the current price of $5.10. This recovery has helped SUI surpass the 61.80% Fibonacci retracement level at the $5 mark, signaling increased bullish momentum.
With this recovery, the 4-hour RSI line has moved back above the halfway mark, indicating improving market sentiment.
Moreover, the bearish crossover between the 20 and 50 EMA lines has been avoided, reinforcing the optimistic outlook.
Overall, technical indicators are signaling renewed bullish momentum, with buyers regaining control.
SUI Price Targets
Based on Fibonacci levels, the bullish trend is approaching the 78.60% level at $5.17, strengthening the upward movement. However, the key resistance remains near the $5.35 level, which could act as a potential hurdle.
The current recovery hints at a rounding bottom reversal targeting the $5.35 resistance zone, setting the stage for a breakout. If a breakout occurs, the Fibonacci levels suggest a potential target of $5.89. On the other hand, if momentum fails to hold, SUI may retest the $5 psychological 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.
