With the crypto market taking a bullish reversal this week, Bitcoin momentarily topped the $66,000 mark. Amid the increasing bullish momentum, the SUI token marks a new all-time high at $2.3661.
However, despite the bullish recovery this week, the lack of bullish exhaustion leads to a minor pullback in the altcoin. Will the pullback in SUI result in a drop below $2? Check out Coinpedia’s SUI price analysis to know more.
SUI Price Analysis
In the last 48 hours, the SUI price has dropped by 7.07%, leading to two consecutive bearish candles. Nevertheless, the pullback comes as a retest of the rounding bottom breakout with a neckline near the $2 psychological mark.
Furthermore, the triple white soldier’s pattern formed over the last weekend, accounting for a 27% surge, maintains a bullish dominance at the $2 psychological mark.
The 50 and 200 EMA maintain a bullish trend following the golden crossover. However, the slowdown in the daily RSI line near the overbought boundary level teases a potential slowdown and a deeper pullback in the SUI price.
Analyst Warns of a Downfall Ahead!
In a recent X post, Martinez Ali, a cryptoanalyst, warns of a minor pullback in the SUI price. Based on the TD Sequential Indicator, Martinez highlights a spot on the weekly chart flashing a sell signal.
Furthermore, he highlights the weekly RSI line witnessing a downtick in the overbought zone. However, he highlights that he is not saying to go and short the altcoin. He is just asking investors to be careful.
Where’s SUI Price Headed?
Based on the Fibonacci level, the previous 100% level at $2.0774 could hold the retest phase for a post-retest reversal. Hence, a bullish comeback from the $2 mark could scale the altcoin to the 1.272 Fibonacci level near the $2.50 psychological mark. Beyond this, the highly anticipated $3 target at $1.618 Fibonacci level is possible and seems realistic as the broader market recovers.
On the flip side, the crucial support levels for SUI tokens are at $1.95 and $1.74 below the $2 psychological mark.
Wondering if the bull run in SUI will hit $5 in 2024? Find out now in Coinpedia’s well-rounded SUI price prediction!
