Key points:
On Thursday, Bitcoin (BTC) increased to the modern highest level of all time, and the stubborn fondness brushed on selected altcoins. One of such Altcoin is SUI (Sui), which accumulated 11.3% to USD 3.41.
Can Sui continue to move up? Let’s analyze the charts to find out.
SUI price forecast
Sui appeared violently at a 20-day interpretation of the movable medium (USD 2.92) on Wednesday and crashed above the 50-day straight movable average (USD 3.08) on Thursday.
The 20-day EMA is trying to appear, and the relative force indicator (RSI) jumped on a positive territory, which indicates that the bulls returned to the game. If the buyers maintain a price above 50-day SMA, the Sui/USDT pair may boost to USD 3.55.
Contrary to this assumption, if the price drops and breaks below 20-day EMA, it signals that the bears are still selling at rallies. The couple could then go down to USD 2.64, and later to USD 2.29.
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The pair graduated from the opposite head pattern and shoulder near the USD 3.08. Although the average walking impairment means an advantage for buyers, the purchased level at RSI suggests that withdrawal may be around the corner. The neckline is a key support to be careful about. If the price bounces off the neckline, the pair can collect up to USD 3.50, and then to the target of the standard in the amount of USD 3.89.
This hopeful view will be negated in the near future if the price drops and falls below the average traffic. This can sink a pair to $ 2.80, and then to USD 2.60.
This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.
