The analysis of the SUI cryptocurrency chart shows signs of strong bullish momentum that could lead to the price reaching the $5 level. Key aspects of this movement include defined resistance levels and the use of Fibonacci methods for forecasting.
SUI Chart Analysis: Strong Bullish Momentum
The SUI cryptocurrency has shown a significant upward trend, breaking out from a previous downtrend marked by a diagonal resistance line. It is currently trading around $3.81, surpassing the previous resistance level at the 1.618 Fibonacci extension.
Key Resistance Levels
The 1.618 extension level now acts as support, which is crucial for maintaining bullish momentum. If this level holds, the token is expected to test the 2.618 level near $5.00, in line with the bullish projections shared on social media.
Technical Aspects and Future Prospects
The SUI charts employ Fibonacci retracement and extension levels to analyze potential price movements. The token's upward momentum is supported by the $1.68–$2.00 zone, aligned with the 0.618–0.786 retracement levels, creating a strong foundation for its recovery and subsequent rise.
Analysts continue to closely monitor SUI's price movement, assessing its upward potential. If key support and resistance levels hold, reaching the $5 mark is quite feasible.
