SUI had a decent week with a 20% pump. This means the coin is now trading around the $0.9 level, which is still below the local top of around $1.05 set in August.
An analyst who goes by the name “Crypto_Jobs” posted three SUI charts on his Twitter account this morning, discussing where the SUI price might be headed next.
Technical Analysis Breakdown
Chart Structure: All three charts show a consistent descending channel (or bull flag formation) on the 4-hour and daily timeframes. A breakout of this structure could signal a potential upward movement.
Support and Resistance Levels: There is a strong support zone marked between $0.8600 and $0.8500, making it an ideal entry point for long trades. The upper resistance key level is identified at $1.160, which represents the target for an upward breakout.
$SUI – Bull flag [H4]?? The daily view looks strong compare to many other #altcoins .A breakout is possible [mid term] Big support zone for potential long entry: 0.8600$ – 0.8500$Upper key resistance: 1.160$ #sui #trading #crypto $btc #dyor pic.twitter.com/V8F2IuejCl
— Crypto_Jobs TA & FA (@CryptoJobs3) September 9, 2024
Daily Chart Insights
The daily chart depicts a consistent bearish trend since mid-July, but it is currently consolidating within the structure. The chart suggests a potential breakout to the upside, aiming toward the $1.160 resistance level. The downward trendline shows weakening momentum, and the next leg up could be a mid-term bullish signal.
Key levels to watch include resistance around $0.9577 as the nearest resistance point, and support between $0.8500 to $0.8600 as a strong area of buyer interest.
4-Hour Chart Analysis
In the 4-hour chart, price movements show potential bullish divergence, and the analyst draws attention to a possible breakout from the current range. The upper trendline rejection at around $0.9577 signals strong resistance. Once this area is cleared, the price could test higher levels.
Currently, the price is testing the resistance level at $0.9183. A break above this could trigger the next upward move.
Read also: XRP Price Bottom in Sight? Ripple Analyst Predicts Rebound Amid Bearish Signals
SUI Price Prediction
A clear bull flag is forming, which suggests bullish continuation. This pattern is typically followed by an upward breakout. The SUI chart displays two possible scenarios:
A bullish breakout scenario where the price pushes above the resistance of $0.9183, targeting the $1.160 level.
A bearish rejection, bringing the SUI price down to the support zone between $0.8600 and $0.8500, after which a rebound could follow.
In summary, the current chart structures suggest bullish momentum in the mid-term. The formation of a bull flag supports the possibility of a breakout. The $0.8600 to $0.8500 range is identified as a strong support zone, making it an area of interest for potential long positions. The upper key resistance level of $1.160 is the main target for a bullish breakout.
However, traders should be aware that a rejection at $0.9183 or a break below $0.8500 could signal bearish potential, potentially bringing the price towards the lower support levels marked at $0.7366 and $0.6805.
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The post Where Is the SUI Price Headed Next After a 20% Pump appeared first on CaptainAltcoin.
