The SUI price was hit by the current market dip, experiencing an 8% plunge in the last 24 hours and currently trading around $3.8.
Popular crypto trader “Team LAMBO” recently shared a viral SUI chart with his 32,000 followers on X, sparking interest in the cryptocurrency’s potential price movement. He predicted the price to pump from the current levels.
SUI Price Analysis
The SUI chart reveals an intriguing technical setup that suggests a potential bullish reversal. A significant downtrend line has been broken, indicating a shift in market momentum. After breaking through this key resistance, the SUI price retraced and tested the previous resistance line, which has now transformed into a support zone.
The critical support area is located around the $3.5 level, marked by a blue circle that intersects with the newly established trendline. This zone represents a crucial validation point for potential continued bullish momentum. Currently trading at $3.8, the SUI price sits comfortably above this support area, which aligns with a cautiously optimistic market sentiment.
The technical analysis highlights several key observations. A descending trendline that previously capped price movement has been decisively broken, with the price showing a clean breakout pattern. The retest of this line provides additional confidence to traders watching the cryptocurrency’s price action.
The trader’s analysis suggests a potential move towards $5, which appears to be a logical short-term target based on the current chart setup. He noted “Breakout and retest done! Time for 5$ now.”
However, it’s important to note that the bullish scenario depends on maintaining support above the $3.5 level. A failure to hold this support could potentially invalidate the breakout and lead to further price consolidation or decline.
Read also: Beyond Cardano and Kaspa: Best Cheap Altcoins Under $1 With 1000x Potential
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