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Cryptocurrency News Articles

SUI Price Prediction: Experts Say It's About to Run to $6 as the Next Explosive Leg Loads—Here's the Outlook

Dec 04, 2024 at 04:30 am

Crypto analyst Karl revealed some insights on X (formerly Twitter) about SUI's potential for a substantial rally, with a projected target of $6.

SUI Price Prediction: Experts Say It's About to Run to $6 as the Next Explosive Leg Loads—Here's the Outlook

Crypto analyst Karl unveiled some thoughts on X (formerly Twitter) about SUI’s potential for a substantial rally, with a projected target of $6. Karl describes the upcoming movement as the “next explosive leg,” aligning with technical analysis that suggests a strong continuation of SUI’s upward trend.

After breaking out from a crucial consolidation zone, traders can anticipate the next explosive leg in SUI’s uptrend. Fibonacci projections and moving averages support this bullish continuation, aiming for a target of $6.

Here’s a closer look at SUI’s price action on the 4-hour chart. The uptrend is evident, with higher highs and higher lows. Recent consolidation around $3.0 (blue rectangle) acted as a springboard for a breakout, establishing this level as strong support.

Fibonacci retracement levels are also crucial in this analysis. The 1.382 Fib at $3.96 provides interim support, while the 1.618 Fib at $5.767 is the next likely target in this continuation rally.

Technical indicators support this bullish outlook. Moving averages provide dynamic support to the price, with the short-term, medium-term, and long-term averages all aligning in this analysis.

Finally, Karl’s predictive line suggests the current rally could mirror the previous impulsive wave, adding further bullish confidence to this continuation toward $6.

Solana’s earlier breakout from a consolidation zone at $8.30 mirrors SUI’s recent price action. Fibonacci projections for SOL also highlighted critical levels, including the 1.618 extension, which SOL tested during its rally.

This historical similarity strengthens the case for SUI’s continuation toward $6, as the two assets exhibit comparable technical patterns and momentum-driven rallies.

News source:captainaltcoin.com

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Other articles published on Dec 05, 2024