SUI targets $3.89 after rising 11%

Last night, Bitcoin recorded a remarkable growth, reaching a new all-time high, and this optimistic sentiment has spread to some altcoins. Among them, the price of Sui increased by 11.3%, reaching 3.41 USD.

Will SUI continue its upward trend? To find out, we will conduct a price chart analysis.

Price Prediction for SUI

In Wednesday's trading session, SUI strongly rebounded from the 20-day exponential moving average (EMA) at 2.92 USD, and on Thursday, it surpassed the 50-day simple moving average (SMA) at 3.08 USD.

Daily chart SUI/USDT | Source: TradingViewCurrently, the 20-day EMA is showing signs of an upward trend, while the Relative Strength Index (RSI) has entered the positive zone, indicating a return of the buyers. If the buyers can maintain the price above the 50-day SMA, SUI has the potential to rise to $3.55.

However, if the price drops and breaks below the 20-day EMA, this will signal that the sellers continue to sell during the rallies. In that case, SUI may drop to 2.64 USD and then to 2.29 USD.

4-hour chart of SUI/USDT | Source: TradingViewSUI has completed an inverse head and shoulders bullish pattern by closing above the $3.08 level. Although the upward-sloping moving averages suggest an advantage for the bulls, the overbought level on the RSI indicates that a correction may be imminent. The neckline of the pattern is an important support level to watch. If the price bounces off the neckline, the pair could rise to $3.50 and then reach the pattern target of $3.89.

However, this optimistic view will be denied in the short term if the price drops and breaks through the moving averages. In that case, SUI may drop to 2.80 USD and then to 2.60 USD.

Mr. Giáo