SUI - Bullish times ahead?
SUI has been seeing very bullish action as of late. On the very long timeframe SUI has formed a possible double bottom with an almost full retrace of the last wave up. Creating a possible Low, Higher High and Higher Low structure on a macro-level (see pic1).
When we zoom into the current view, we are holding the range after forming the first higher high on the daily timeframe in weeks. Right now, we are consolidating and probably creating a W-structure with a first broad target between 1.20-1.40$ after price successfully breaks the 1.12$ price (see pic2).
Finally, SUI’s price is also moving within a downward parallel channel after a major pump, meaning this can be considered a Bull Flag (Bullish) (see pic3).
P.S. This is my first post to try things out, sorry if it is still a bit rough around the edges.
Zeddit
Comment
Price has broken out as indicated and is now sitting above the upward trendline (white). If price can remain above the trendline, it would be very bullish for SUI as there is no indication of a strong reversal candle or pattern yet. Price could retrace back to the previous highs sitting around the 0.382 Fib at 1.12$ before continuing its impulsive move up.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.