The strong upward movement of SUI has caught analysts' attention as the asset successfully holds key support levels. This situation opens up possibilities for further growth depending on market dynamics.
Breakout and Retest Confirmation
A long-term rising trendline acted as resistance before being broken, initiating a breakout. Price later came back to this trendline, establishing it as support, which is a bullish pattern that suggests more upward movement. Trading above the $3.00-$3.50 level maintains the bullish trend, and a break above $4.70 could propel the price higher.
Technical Indicators and Market Position
Crypto analyst @thescalpingpro highlighted the bullish formation of SUI, stating that "$SUI is holding strong. Double digits is coded." Analysis confirmed the break and retest, suggesting further upward movement. The Stochastic RSI as a momentum oscillator shows SUI is being oversold. The Directional Movement Index shows the Average Directional Index at 37.86, indicating a strong trend. The +DI at 16.42 is nearing the -DI at 15.91, suggesting a pause before the next movement. A cross of the +DI over the -DI could signal a new bullish movement.
Price Forecast & Key Levels
SUI's price corrected from above $5.00 to about $3.38 and is flat post-correction. The $3.00-$3.20 range acts as support. If strong, and the price crosses $4.00, further upward movement towards $5.00 and higher is anticipated. Conversely, a drop below $3.00 could see retracement to $2.50. Market participants closely watch Bitcoin and Ethereum, as their movements often influence altcoins like SUI. If overall market conditions remain favorable and institutional interest grows, SUI's trajectory may align with projections towards $7.00 and beyond.
In summary, the SUI market shows resilience amid breakout and correction, opening up further growth opportunities depending on market conditions and institutional interest. It's important for market participants to monitor key levels and technical indicators to respond timely to market changes.
