The SUI price is up 7% today, which should be a decent sign for holders considering the broader crypto market is consolidating after a huge pump last week.
Analyst “Crypto Jobs” recently updated his SUI price outlook in a viral tweet, providing an insightful analysis of the current market conditions and potential future price movements.
The SUI price is currently trading around $3.2, marking a substantial increase of approximately 40% this week. This uptrend suggests strong bullish momentum in the market.
The chart highlights a consolidation range between the approximate levels of $2.95 (support) and $3.18 (resistance). The price has been oscillating within this zone, indicating that bulls and bears are currently balancing each other out. This consolidation often hints at accumulation before a potential breakout, aligning with the tweet’s optimism about an impending bullish breakout.
Source: X/@CryptoJobs3
There are key support levels marked on the chart:
Primary Support: Around $2.8, which the tweet mentions as an “invalidation” zone. If the price falls below this level, it could signal a shift away from the current bullish sentiment.
Secondary Support: At around $2.65 and $2.36, offering potential areas for buyers to re-enter if the primary support is breached.
The upper boundary of the consolidation at approximately $3.18 acts as the primary resistance. A breakout above this level would likely signal strong bullish momentum, potentially pushing the price toward higher targets (near $3.4 and beyond, as indicated by the green path on the chart).
Read also: FET Price Plunges, But Here’s Why Holders Shouldn’t Panic
Projected Scenarios
Bullish Scenario (Green Path): If SUI breaks out above the $3.18 resistance level, there’s potential for a strong upward movement. The green arrows illustrate a possible bullish path, targeting levels above $3.4 and potentially aiming toward $3.7 or higher.
Bearish Scenario (Red Path): If SUI fails to sustain above the $2.8 support zone and breaks downwards, a bearish trend may follow. This scenario could see the price decline toward the next support zones at $2.65 and $2.36.
The SUI chart reflects a bullish trend due to the recent upward momentum. The consolidation in the $2.95-$3.18 range indicates a period of re-accumulation, suggesting that bulls are likely preparing for a further rally.
The tweet expresses a positive outlook, suggesting a high probability of breaking the range high at $3.18. The use of phrases like “bullish consolidation” and “matter of time before prices break that range high” reflects strong bullish sentiment in the market.
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