Key Points:
Bitcoin (BTC) surged to a new all-time high on Thursday, with bullish sentiment being scraped off with certain altcoins. Such an Altcoin was SUI (SUI), 11.3% to $3.41.
Can the SUI continue to move upward? Let’s analyze and explore the chart.
SUI price forecast
The SUI rose sharply from the 20-day exponential moving average ($2.92) on Wednesday, surpassing the 50-day simple moving average ($3.08) on Thursday.
A 20-day EMA is about to emerge, with the relative strength index (RSI) diving into positive territory, indicating that the Bulls are back in the game. If buyers maintain prices above the 50-day SMA, the SUI/USDT pair could rise to $3.55.
Contrary to this assumption, it shows that if prices fall and fall below the 20-day EMA, the Bears will continue to sell at the rally. The pair then descends to $2.64, then $2.29.
Related: Bit Mining Surge 350% Pivot to Solana, $300 Million Token Finance
The pair completed a bullish reverse head and shoulder pattern, above the $3.08 level. While upslope movements on average show benefits for buyers, RSI’s over-acquisition levels suggest that the pullback may be rounding the corner. The neckline is an important support for keeping an eye on the shortcomings. If the price rebounds from the neckline, the pair will rally at $3.50 and then become a $3.89 pattern target.
This optimism will be denied in the near future as prices drop and plunge below the moving average. It could sink the pair to $2.80 and then to $2.60.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
