Can SUI Reach $2.18? Bullish Pressure Builds Toward Key Milestone
2024年10月31日 - 5:00AM
NEWSBTC
SUI is gathering bullish steam as it heads toward a possible
breakout, with a notable milestone of $2.1825 in sight. Recent
market activity suggests an upswing could be on the horizon,
following a strong rebound at the $1.5 support mark. If the
bulls maintain their momentum, SUI’s path might lead to a
significant price advancement, signaling a promising opportunity
for traders and investors alike. However, the question remains;
will the pressure be enough to push past this critical resistance?
This analysis aims to examine SUI’s current bullish momentum and
assess whether rising pressure could drive the price to a potential
target of $2.1825. By analyzing recent price movements, support
levels, and resistance zones, this piece seeks to provide traders
and investors with insights into SUI’s capacity for a breakout SUI
Bullish Surge Aims At $2.1825 Mark Following its recovery at $1.5,
SUI’s price on the 4-hour chart has continued to build pressure,
approaching the $2.18 mark with a focus on breaking past it. SUI
has also moved above the 100-day Simple Moving Average (SMA),
signaling a strengthening upward trend that could pave the way for
a potential breakout. The 4-hour Composite Trend Oscillator shows
bullish signs for SUI, with its SMA and signal lines rising above
the zero line, indicating a growing positive trend. In addition,
the widening spread between these lines implies strong support for
a sustained uptrend, reflecting increased buying interest as the
asset approaches key resistance levels. Related Reading: Analyst
Sets $2.50 Target For SUI Following 30% Weekly Gain – Details Also,
on the daily chart, SUI has demonstrated firm upward momentum,
marked by a bullish candlestick pattern after a successful rebound
at $1.5. Currently trading above the 100-day SMA, SUI’s position
not only confirms an optimistic phase but also suggests that
previous resistance levels may now act as support, creating a solid
foundation for future gains. Finally, a detailed analysis of the
Composite Trend Oscillator formation on the 1-day chart reveals
fresh bullish movement for SUI. The indicator’s signal line is
aiming to cross above the SMA line, a classic key indication
suggesting robust buying interest. Positioned above the zero line,
this crossover attempt indicates that positive sentiment is likely
building, with the potential to drive prices more on the upside.
Support And Resistance Levels To Watch On the upside, resistance
around $2.18 presents the next hurdle for SUI. Successfully
breaking above this level could pave the way for higher targets,
including its all-time high of $2.36. A breach of this resistance
would significantly increase the possibility of reaching new price
milestones. Related Reading: SUI Eyes Bullish Breakout As Crypto
Traders Go Long Above $2 – What’s Next? However, if the
cryptocurrency fails to surpass the $2.18 resistance level, it may
initiate a downward move toward $1.5. Should it break below this
support, the decline could extend further to the $1.42 support
level and beyond. Featured image from Shutterstock, chart from
Tradingview.com
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