|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
SUI Price Prediction: After Hitting a Crossroads at $1.74, SUI Is Anticipating a Breakout to $3
Sep 30, 2024 at 07:54 pm
After hitting a crossroads at $1.74, SUI is anticipating a breakout to $3 as the total value locked (TVL) on the network surpasses $1 billion.
The price of Sui (SUI) has hit a crossroads at $1.74 after rising anticipation for a breakout to $3 as the total value locked (TVL) on the network surpasses $1 billion.
The SUI network recently celebrated a major milestone with a tweet, announcing that it has attained $1 billion in TVL within two years of launching its mainnet. Being a rapidly growing network, SUI positions itself as a potential competitor to Solana and other established platforms.
As the bull run in altcoins continues to gain momentum and approach the psychological $2 mark, this latest achievement adds to the overall bullish sentiment surrounding SUI. Could this burgeoning network propel the SUI market price to a new all-time high? Let’s analyze.
SUI Reversal Run Crosses $1.50
The SUI token has registered a bullish trend over the past four weeks with a 133% surge, testing the 78.60% Fibonacci level at $1.7454.
The recovery rally forms a rounding-bottom reversal on the weekly chart, with a neckline around the $1.20 psychological level. This pattern is more evident on the daily chart.
On the daily chart, the SUI token showcases a strong bullish rally. The recovery trend shows strong bullish momentum, resulting in a bullish crossover between the 100-day and 200-day EMA.
However, encountering resistance at the 78.60% Fibonacci level raises the possibility of a double-top pattern as buyers face challenges in breaking out. Currently, the SUI token trades at $1.7388 with an intraday pullback of 1.19%, showing some bullish weakness.
Moreover, the MACD indicator shows the MACD line and signal line close to a potential bearish crossover.
Could SUI Price Top $3?
According to Fibonacci levels, a continuation of the uptrend to complete the rounding-bottom pattern could see the price reach the $2.07 mark. A bullish breakout could position the $3 mark as a potential target in October.
On the downside, crucial supports for the altcoin are present at 61.80% and 50% Fibonacci levels at $1.48 and $1.30, respectively.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Ethena Community to Vote on Integrating Ethereal DEX to Boost USDe Stablecoin, with ENA Holders Receiving Ethereal Tokens if Approved
- Sep 30, 2024 at 11:20 pm
- A new proposal has been made regarding the governance of Ethena, as the Ethena Labs community is set to vote on a proposal to integrate Ethereal