SUI, with a rise of 14.27%, surpasses the $2.20 level and aims for $3 for a new all-time high.
The crypto asset SUI is trading at $2.29 with an intraday increase of over 14%. This significant bullish recovery coincides with an overall market rally triggered by Donald Trump's victory in the US presidential elections.
Will the prolonged altcoin rally lead to a new all-time high for the price of SUI? Let's find out.
The price rally of SUI is targeting a new all-time high.
In the last few days, SUI has shown a growth of 24.79% after two consecutive bullish candles on the daily chart. Additionally, with the return of the SUI token to the key psychological mark of $2, it has also broken through the $2.18 level, which corresponds to a 100% Fibonacci retracement.
The rally suggests that buyers are preparing for further growth, aiming for a move beyond $2.3661 to establish a new all-time high. Bulls are firmly in control, as indicated by the positive crossover of both MACD and signal lines.
Moreover, the recent pullback to the Fibonacci retracement level of 78.60% at $1.6147 found solid support from the 50-day simple moving average (SMA). With strong underlying demand, SUI seems ready to continue its upward momentum, with the next target being the psychological mark.
at $3. According to Fibonacci predictions, the upward trend may continue to the levels of 1.272 and 1.618, which correspond to price targets of $3.19 and $5.20 respectively.
Will the price of SUI cross $3?
Additionally, looking at the 4-hour chart, the price action of SUI is gaining momentum after breaking out of a flag pattern. However, using Fibonacci retracement levels on the short-term chart, the altcoin is facing resistance at the 38.20% level around $2.3854.
Currently, the 4-hour candle is forming a doji pattern, suggesting a potential small retest of the high-volume zone between $2.15 and $2.18.
After this retest, a bounce could push SUI to the next key resistance levels at Fibonacci levels of 50% and 78.60%, which are located at $2.68 and $3.56 respectively.
On the other hand, a pullback to the psychological level of $2 may also serve as a potential retest before the rally resumes.
