The post Will SUI Price Reach $5 Amid Bull Run Chances? appeared first on Coinpedia Fintech News
As the bull run in the crypto market gains momentum, the SUI price skyrockets at a breakneck speed. With a streak of bullish candles, the uptrend in SUI is challenging a resistance trendline near the initial price of $1.6785.
Will a new breakout run surpass the 78.60% Fibonacci level to hit the $5 psychological mark in October?
SUI Price Analysis
With a rounding bottom reversal in the weekly chart, the SUI price reveals a trend reversal rally. As the altcoin exceeds more than 100% returns in the last three weeks, the uptrend in SUI surpasses the $1.50 psychological mark.
The rounding bottom reversal teases a double bottom pattern with a neckline near $1.67. Further, the all-time high of $2.18 remains a high supply zone, and a breakout above this will boost the bull run.
Currently, the SUI price is trading at $1.55 with an intraday drop of 2.04%, concluding the bullish streak. Trading at just a 30% discount from its all-time high, the bull run shows potential for a new all-time high.
Technical Indicators:
EMA: The bullish crossover in the 50D and 200D EMA marks a golden crossover that bolsters the uptrend chances.
RSI: The weekly RSI line shows a bullish trend approaching the overbought boundary line.
Will SUI Cross $1.75?
With the bullish trend reversal rally gaining momentum, the SUI price is likely to complete a double-bottom reversal beyond the 78.60% Fibonacci level at $1.7712.
Based on the Fibonacci levels, the uptrend in the SUI price is likely to target the $3 and $5 psychological mark. Further, the bull run history of the crypto market in October bolsters the chances of hitting the target. On the flip side, the support levels for SUI are present at $1.50 and $1.33.
Wondering if the bull run in SUI will surpass $2 in 2024? Find out now in Coinpedia’s well-rounded SUI price prediction!