Market analyst XForceGlobal shared a technical analysis on X suggesting a bullish outlook for SUI token. He predicted potential price movement toward $10.
Moreover, his analysis showcases Elliott Wave patterns and Fibonacci retracement levels that indicate strong upward momentum.
Market Structure and Wave Analysis
The SUI token chart displays a distinct upward trend pattern since August, marked by a series of waves consistent with Elliott Wave Theory.
A clear breakout moved the price from $1.50 to $3.00 during Wave 1, followed by a consolidation phase around $2.00-$2.50 in Wave 2. The current Wave 3 push has driven the price to $3.40, setting up for further potential gains.
$SUIPrimary Macro Analysis#SUI doesn't have much history, but the current structure up to this point is pretty clean and looks bullish. I'd expect a continuation with the expected dips along the way (no one knows how far the dips will go), w/ eventually breaking into the two… pic.twitter.com/lr8xyYmM3Z
— XForceGlobal (@XForceGlobal) November 15, 2024
The chart identifies three key support zones based on Fibonacci retracement levels at $2.80, $2.40, and $1.80. These levels serve as potential entry points for traders during market corrections. The price maintains steady movement above these support zones, reinforcing the bullish market structure.
Read also: Where Is Cardano (ADA) Price Headed? Elite Analysts Weigh In
Technical Indicators and Price Targets
XForceGlobal’s analysis maps out a path toward double-digit prices, with $10 as a specific target. The B wave progression turned impulsive, breaking previous resistance levels and forming a five-wave upward pattern. This technical formation aligns with traditional Elliott Wave principles, suggesting continued upward movement.
The current price hovers near $3.39, showing strength above established support levels. Market data indicates the formation of higher lows and higher highs, a characteristic pattern of upward trending markets. The analysis anticipates future price corrections as natural market behavior while maintaining an overall positive trajectory.
Support levels derived from Fibonacci retracement tools provide traders with clear reference points for potential market entries. These technical indicators help identify possible reversal zones during price pullbacks, offering strategic opportunities for market participants to establish positions.
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