The price chart of the SUI token shows a falling channel pattern on the daily chart. However, early August saw a strong recovery, pushing the price of SUI up 90% in just one week, leading to a breakout from the falling channel.
The surge pushed the token from the $0.53 support level to the 50% Fibonacci retracement level at the psychological $1 mark. Following this surge, the SUI token underwent a pullback, potentially retesting the breakout level at $0.80.
Despite this pullback, SUI price quickly recovered with a 9.34% increase last night, forming a bullish engulfing candle. Furthermore, the reversal after the retest in this altcoin suggests a potential upside in the future.
However, the rapid loss of momentum has alerted buyers. Currently, SUI is trading at $0.90, showing a slight intraday volatility of 0.26%, forming a doji candle.
Technical indicators:
MACD: The MACD indicator shows that the MACD line and the signal line have avoided a bearish crossover.
Relative Strength Index: The daily RSI has bounced back from the mid-point, remaining above the 14-day moving average.
Will SUI Price Hit $2?
According to the Fibonacci retracement line, the current SUI price is near the 38.20% level, putting it at a crucial juncture. Breaking the psychological resistance level of $1 will determine whether the uptrend continues in this altcoin.
If successful, this breakout could push SUI price to an all-time high of $2, resulting in a 100% upside after the breakout. On the downside, a further decline would target the 23.60% Fibonacci level at $0.73.
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