Can #SUI🔥 reach $3 now that the pullback phase has ended and the flag breakout rally could potentially drive a 30% increase?

SUI has become the top-performing coin among the top 100 over the past 24 hours, showing a 12.89% rise. Currently, it is trading at $2.08, having regained a key psychological level, with a market cap of $5.74 billion.

Could SUI Reach $3?

Technical indicators suggest a bullish trend, and if a quick breakout rally occurs, SUI could soon challenge the $3 level.

SUI Flag Breakout Rally Surpasses $2

In the 4-hour chart, SUI's price movement has shown a period of consolidation amid increased market volatility. A recent pullback saw a nearly 32% decline, lowering the price from a high of $2.36 to a low of $1.60.

However, following a strong surge in Bitcoin, SUI managed to break back above $2, leading to a V-shaped recovery. This bounce brought a 30% price increase from $1.60 to $2.08.

Additionally, the short-term resistance trend line formed during the pullback failed to stop the bullish rally. With the pullback phase over, SUI's price action suggests the beginning of a new upward rally.

The 4-hour Relative Strength Index (#RSI ) is approaching the overbought zone, signaling possible saturation in buying pressure. As a result, a minor pullback could occur to retest the breakout level at 23.60%.

With increasing bullish momentum, the 50 and 100 EMAs on the 4-hour chart are preparing for a bullish crossover, raising the likelihood that these key EMAs will align bullishly.

Can SUI Surpass $3?

Using #Fibonacci levels on the flag pattern, SUI is trading above the 23.60% Fibonacci level at $1.97. However, the uptrend is working to reach the 38.20% level at $2.1963.

According to the Fibonacci retracement tool, SUI's price could hit the 50% level at $2.3712, which aligns with the top of the resistance trend line. Meanwhile, the bullish target remains at $3.1125, representing the 100% Fibonacci level.

If SUI rises from its current price of $2.04 to $3.112, it would result in a 52.4% gain. However, the price must first overcome significant resistance at $2.79, which represents the 78.60% Fibonacci level, before achieving this optimistic target.

#Suipriceanaysis , #Altcoins👀🚀

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“