With the altcoins market bouncing back near the week and month end, the SUI token price teases a comeback to $1. Trading below the 50D EMA, the bullish resurgence with a morning star eyes a breakout run to $1. Will the extended rally result in a jump to $1.2 in September’s first week?
SUI Token At Crucial Crossroads
With a sharp recovery in the second week of August, the SUI price jumped 90% in a week from $0.53 to the 200-day EMA near the $1 psychological mark. The bull run resulted in a breakout of the falling channel pattern, reflecting the prevailing downtrend. However, the bullish momentum failed to sustain dominance above the dynamic resistance of the 200-day EMA, resulting in a sideways trend. The consolidation range led to a double-top formation in the daily chart, with peaks formed at the $1.001 psychological mark. The neckline stood at $0.80. With a four-day crash in the SUI token, the bearish powers led to a double-bottom breakdown. However, the failed bearish continuation led to lower price rejections near the $0.75 mark, close to the 23.60% Fibonacci level. With a 3.52% jump last night, the SUI token forms a Morningstar pattern to retest the broken 50-day EMA. However, the 1.14% intraday pullback puts the altcoin back to $0.82.
Technical Indicators
**EMA**: The 50-day and 200-day EMA maintain a bearish alignment in a sideways trend after the Death Cross event in May 2024. **Relative Strength Index**: The daily RSI line is below the halfway line at 47%, with a bearish inclination in the 14-day SMA.
Will SUI Price Hit $1.2?
With a sideways shift and bearish turn of events, the altcoin is stuck between the 23.60% and 38.20% Fibonacci levels at $0.73 and $0.89, respectively. A breakout of either side will determine the upcoming trend. The potential bullish targets for the altcoin are at 50% and 61.80% levels at $1.00 and $1.23, respectively. Below the 23.60% level, the next support level is at $0.64.
The analysis of the SUI token price indicates that the coming weeks may be decisive for this altcoin. Whether it rises or falls will depend on breaking the key support and resistance levels indicated by the technical indicators.
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