SUI Price $2 In Sight If Markets Remain Bullish.đđđ
The price of SUI is bullish on the daily time frame as it has broken above the 50-day and 200-day exponential moving averages (EMA). Sui flashed a death cross on May 24, which signaled that the following months would be bearish. However, with the recent markup in price, a golden cross could be in the making.
The main resistance for the SUI price remains the $1.00 mark. In the past, the asset has broken beyond but has not sustained above it. If the daily candle can close above the $1.00 mark, SUI may turn from bearish to fully bullish.
SUI also just completed an ascending triangle, a bullish continuation pattern. A breakout to the upside from this structure could add at least 47% to the current price of SUI, bringing it to $1.48. If the buy momentum maintains, SUI could surge higher and reach $2.00.
On the flip side, if the price of SUI fails to maintain above the ascending triangle, it would signal market weakness, and the asset price could fall back into the triangle below the 200-day EMA. A further downside move could invalidate the current bullish thesis as the price seeks lower support around $0.75 and $0.64.
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