Crypto analyst CryptoBullet has shared an analysis of SUI’s price action that points to a positive future for the token. The prediction comes from a possible Cup and Handle pattern on the weekly chart.
This pattern indicates the possibility of a price surge in the coming months. The key levels identified by the analyst could play a crucial role in determining the next price targets for SUI.
CryptoBullet’s analysis identifies a clear Higher Low for SUI, a key element in the development of a Cup & Handle pattern. This formation is considered a bullish reversal signal, with the potential for a breakout once the handle completes.
According to the analyst, the pattern began forming around July 2023, and the recent low in September has set the stage for a potential breakout. The crucial level for SUI to flip is $1, which has been tested several times and serves as a psychological barrier.
Breaking above this level could indicate the start of a sustained upward movement. CryptoBullet emphasizes the importance of this level as a key inflection point for SUI’s price.
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SUI Price Prediction
Beyond the $1 level, CryptoBullet points out that $2 serves as the next major resistance. This level corresponds to past price action and congestion, making it a barrier for the crypto.
The analyst predicts that SUI could test and potentially break this resistance level in Q4 2024. In addition, the 0.618 Fibonacci retracement level, around $1.30, is highlighted as another potential resistance area before reaching the $2 mark.
A breakout above these levels could further strengthen the bullish case for SUI. Moreover, CryptoBullet sets an ambitious target of $5.70 for SUI, aligned with the 1.618 Fibonacci extension.
Besides, this projection suggests a substantial price rally from the current level of $1. The analyst anticipates that once SUI clears the $1 and $2 levels, it could begin a strong upward movement, possibly reaching this target during the next major market cycle.
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Mid-Term Outlook for SUI
The overall mid-term outlook for SUI appears positive, with the potential for price appreciation if the Cup & Handle pattern completes as predicted.
However, the broader market conditions and SUI’s ability to maintain momentum above the key levels will ultimately determine the success of this bullish scenario.
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