In an environment marked by increased volatility and cautious investor sentiment, famous Twitter analyst Honey (@honey_xbt) has identified a potential shift in momentum for the digital asset SUI. Noting a classic textbook “Adam and Eve” pattern, Honey predicts that, barring any significant disruptions in the Bitcoin market, SUI could surge to 90 cents in the coming days.
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The Adam and Eve pattern is a well-known technical analysis indicator often used to predict potential bullish reversals. It involves a sharp price fall (Adam), followed by a more gradual and stable recovery (Eve). The pattern is completed when the price rises above the level of the pattern’s peak, suggesting a potential bullish reversal.
Over the past month, SUI’s price action has been volatile, swinging from a high of $1.05 on July 7, 2023, to a recent trading price of $0.62 on July 14, 2023. Despite this downward trend, there have been signs of a possible recovery in recent days.
In a follow-up tweet, Honey added that a flip of the 0.75 resistance level could potentially trigger a quick move towards the 90 cents target. This added momentum, combined with the identifiable Adam and Eve pattern, could provide fertile ground for an optimistic outlook on SUI’s short-term future.
As with any market prediction, Honey’s analysis rests on a stable Bitcoin performance, underlining the dependency of altcoin markets on the movement of the leading cryptocurrency.
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