With the crypto market taking a bullish reversal this week, Bitcoin momentarily topped the $66,000 mark. Amid the rising bullish momentum, the SUI token marks a brand new all-time excessive at $2.3661.
Nonetheless, regardless of the bullish restoration this week, the dearth of bullish exhaustion results in a minor pullback within the altcoin. Will the pullback in SUI lead to a drop under $2? Try Coinpedia’s SUI value evaluation to know extra.
SUI Worth Evaluation
Within the final 48 hours, the SUI value has dropped by 7.07%, main to 2 consecutive bearish candles. However, the pullback comes as a retest of the rounding backside breakout with a neckline close to the $2 psychological mark.
Tradingview
Moreover, the triple white soldier’s sample fashioned over the past weekend, accounting for a 27% surge, maintains a bullish dominance on the $2 psychological mark.
The 50 and 200 EMA preserve a bullish development following the golden crossover. Nonetheless, the slowdown within the each day RSI line close to the overbought boundary degree teases a possible slowdown and a deeper pullback within the SUI value.
Analyst Warns of a Downfall Forward!
In a latest X put up, Martinez Ali, a cryptoanalyst, warns of a minor pullback within the SUI value. Primarily based on the TD Sequential Indicator, Martinez highlights a spot on the weekly chart flashing a promote sign.
Moreover, he highlights the weekly RSI line witnessing a downtick within the overbought zone. Nonetheless, he highlights that he’s not saying to go and quick the altcoin. He’s simply asking buyers to watch out.
The place’s SUI Worth Headed?
Primarily based on the Fibonacci degree, the earlier 100% degree at $2.0774 might maintain the retest section for a post-retest reversal. Therefore, a bullish comeback from the $2 mark might scale the altcoin to the 1.272 Fibonacci degree close to the $2.50 psychological mark. Past this, the extremely anticipated $3 goal at $1.618 Fibonacci degree is feasible and appears real looking because the broader market recovers.
On the flip aspect, the essential help ranges for SUI tokens are at $1.95 and $1.74 under the $2 psychological mark.
Questioning if the bull run in SUI will hit $5 in 2024? Discover out now in Coinpedia’s well-rounded SUI value prediction!
