As the cryptocurrency market battles widespread bearish momentum, SUI remains a standout performer. Despite increased selling pressure, SUI is holding firm above the $4 psychological mark, signaling resilience.
This raises the question: Can SUI rally past the $5 barrier to set a new all-time high? Let’s analyze the technical trends and price targets.
Analysis
Current Trends
On the 4-hour chart, SUI’s price movement showcases a rising channel pattern, signaling potential bullishness. However, recent attempts to break past the $5 psychological level have been met with strong resistance.
The price has faced multiple rejections near $4.75, with sellers exerting supply pressure.
Key observations:
- Consolidation Zone: SUI traded within a range of $4.44 (61.80% Fibonacci) to $4.75 (78.60% Fibonacci) before breaking lower.
- Support and Recovery: After a brief dip to $4.07, SUI rebounded, holding steady above the 50% Fibonacci level at $4.194.
- Current Price: SUI is trading at $4.3850, showing a modest 1.16% intraday gain after a 6.67% decline yesterday.
Momentum Indicators
- MACD: The declining MACD and signal lines highlight increasing bearish momentum.
- RSI: The Relative Strength Index (RSI) is approaching the oversold zone, suggesting potential reversal opportunities if buyers regain control.
Despite the bearish signals, SUI’s ability to hold key support levels indicates potential for recovery.
Price Targets
Bullish Scenario
If SUI sustains its recovery:
- A breakout above $4.75 could pave the way for testing the 78.60% Fibonacci level at $5.24 by the end of 2024.
- Strong market recovery and momentum could push the price beyond $5, setting a new all-time high.
Bearish Scenario
If selling pressure persists:
- SUI could retest the 38.20% Fibonacci support at $3.9459.
- Breaching this level would confirm a bearish continuation, potentially invalidating the rising channel pattern.
What’s Next for SUI?
SUI’s future largely depends on broader market trends and its ability to sustain support at the $4 mark.
A decisive close above $4.75, accompanied by broader crypto market recovery, could mark the beginning of a bullish phase. Conversely, failure to hold above $4 may lead to deeper corrections.
