Suisignals
What awaits SUI after a new ATH?As the SUI surged past $2, the bulls utilised all their strength to push the price beyond the current ATH. Now that the price has achieved new highs at $2.36 during the early trading hours, the traders appear to have become optimistic about the next price action. Therefore, the price is bound to keep up the bullish trend as the crypto is gaining back the lost momentum and attention.
Hence, the SUI price may eventually stabilize within the price discovery phase and eventually maintain a steep ascending trend and achieve higher targets.
SUI has been largely compared to that of the 2021 Solana price rally, which triggered a monstrous jump beyond $220. With the latest price rise, the SUI price has been certified as the beginning of a fresh upswing. Therefore, the price is believed to head towards the next target at $2.5 to $2.55 but only after it reaches certain conditions.
The chart displays immense strength among the bulls as the price maintains a steep ascending trend within a rising parallel channel. The token just hit the upper resistance, forming a new ATH, which may result in a minor pullback to the average bands of the channel. The StochRSI is heading towards lower support, while the short-term MACD suggests a drop in the buying pressure. This validates the bearish narrative in the short term, which may drag the levels to $2.16 in the next couple of days.
However, after the bulls regain power, a rebound could be generated at the average bands, which may revamp a strong upswing to form a new ATH above $2.4. However, these are minute price actions, but in the wider perspective, the Sui price appears to be primed to close the monthly trade around $3 and reach $5 by the end of the year.
#SUI (SHORT) entry range(2.0844- 2.2500) T.(1.1421) SL(2.3300)I will take this risk to short BINANCE:SUIUSDT from this price (2.0844), please do your own plan....
BINANCE:SUIUSDT
entry range (2.0844- 2.2500))
Target1 (1.4590) - Target2 (1.1421)
SL (2.3300)
*** I will take this risk , please do your own plans ***
*** No FOMO - No Rush , it is a long journey ***
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SUIUSD gave the final bullish break-out signal to $2.700A month ago (August 13, see chart below) we gave the first bullish break-out signal on Sui (SUIUSD), as the price broke above its Lower Highs trend-line:
As you can see, it re-tested the trend-line to confirm it as a Support and, as expected, it held giving way to a break above the 1D MA200 (orange trend-line) on Sunday. That is the second and final bullish break-out signal.
As per our original analysis, our Target remains $2.700, marginally below the 1.236 Fibonacci extension, as it happened with the March 27 2024 High. A Channel Up to guide the price there is the most likely pattern to emerge. Watch also for a potential 1D Golden Cross by the first week of October.
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SUIUSD Very strong bullish break-out signal.Sui (SUIUSD) has gone +140% from last week's Low (August 05) and broke above two major medium-term Resistance levels: 1) The Internal Lower Highs trend-line) and 2) The 4-month blue Channel Down.
The last time the price broke above such major Lower Highs trend-line was on November 04 2023. That initiated a rally that peaked just below the 1.236 Fibonacci extension, which gave way to the 4-month blue Channel Down.
An equally strong bullish signal is the break-out of the 1W RSI above its MA line. As a result, we have strong reasons to turn bullish on Sui on the long-term, targeting 2.7000.
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