SUI Price Prediction: Expert Revises Targets as Technical Indicators Align, Signaling Reversal

SUI has shown strong signs of recovery, prompting analysts to adjust their price targets. CryptoBullet, a top market analyst, raised his target for SUI

Top crypto analyst adjusts their SUI price prediction as technical indicators point towards a bullish reversal.

After a period of correction, SUI has demonstrated remarkable recovery, prompting analysts like CryptoBullet to revise their price targets. A recent tweet by the analyst highlighted a price rebound, supported by a bullish hammer candle and major moving averages acting as resistance.

His analysis suggests that the buying interest, depicted by a spike in trading volume, might propel SUI to higher price levels if critical resistance is cleared.

Monster recovery on $SUI

Gorgeous Bullish Hammer candle with a long wick.

Finally hit the EMA200 & SMA200

All the liquidity that’s been building since November

is grabbed.

And look at that Volume! Wow

Based on this correction, I’m raising my target for #SUI

TARGET… pic.twitter.com/R3ng97UzLb

— CryptoBullet (@cryptobulletYT) March 10, 2023

Bullish Hammer Signals Reversal

CryptoBullet's analysis points towards a bullish hammer candle forming at a key support level. This pattern, characterized by a long lower wick and a close near the high, signals strong buying pressure.

The reversal occurred after SUI tested the EMA200 and the SMA200, both of which are crucial support levels. Historically, a bounce from these moving averages suggests renewed bullish momentum.

The alignment of EMA200 and SMA200 as support levels adds weight to the recovery thesis. Institutional traders often use these indicators to gauge long-term trends. CryptoBullet noted that the liquidity grab beneath support levels likely shook out weak hands before the reversal.

Moreover, the spike in trading volume suggests that the move is backed by genuine buying activity rather than short covering. Volume confirmation is crucial in validating a trend reversal, and SUI's recent surge strengthens the case for continued upside.

Also Read: AI Predicts Stellar (XLM) Price When XRP Hits $10

Fibonacci Levels, SUI Price Targets

Technical indicators suggest that SUI faces short-term resistance near the $4.00 level, corresponding with the 0.618 Fibonacci retracement. A successful surge above this level might open the door for elevated price targets. According to CoinGecko, SUI trades at about $3.38 at publication, an increase of 11.71% over the previous day.

The Fibonacci extension (1.618 level) corresponds with CryptoBullet's updated target of $8.90. Analysts frequently utilize Fibonacci tools to forecast possible price shifts, and in this instance, the indicators endorse an upward trend.

SUI's pricing pattern indicates a possible revisiting of the $3.20–$3.40 range prior to additional increases. A surge past $4.00 might validate the turnaround, with the subsequent aim near $5.00.

If the bullish momentum continues, the target of $8.90 is still attainable in the medium term. While short-term volatility is expected, technical confluence favors further upside, reinforcing CryptoBullet's revised outlook.

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