🚨📍📍SUI Price Analysis: Bullish Trend Takes a Breather📍📍🚨
After a staggering 400% rally from $0.46 to $2.36 between August and October, SUI token's bullish trend is facing a setback. The token has dropped 20% over the last three weeks, currently trading at $1.8835.
Recent Price Action
$SUI: 1.8559 (-3.62%)
Last week's 10.98% jump was short-lived due to a 3.24% intraday pullback, keeping prices below the $2.00 psychological mark.
Technical Analysis
Daily Chart:
Support trend line formed during recovery
50-day EMA provides dynamic support
Resistance trend line completes triangle pattern
Fibonacci Levels
78.60% Fibonacci level: $1.74 (under pressure)
61.80% Fibonacci level: $1.48
50% Fibonacci level: $1.30
Technical Indicators
RSI: Bullish divergence hints at potential comeback
EMA: 50-day, 100-day, and 200-day EMAs provide support areas
Price Targets
Downside:
$1.48 (61.80% Fibonacci level)
$1.30 (50% Fibonacci level)
Upside:
$2.50 (breakout above $2.00 psychological mark)
$3.00 (overhead resistance trend line)
$4.57 (2.618% Fibonacci level, potential year-end target)
Market Outlook
A broader market recovery could propel SUI to new all-time highs, challenging Solana's dominance. Keep an eye on:
#CryptoAMA #USElections2024Countdown #NovemberMarketAnalysis #OctoberCryptoFundingSurge #OctoberCryptoFundingSurge
