SUI Price Analysis: New Bullish Pattern Emerged Sets SUI Price for 16% Rally; Buy Today?

SUI Price Analysis: New Bullish Pattern Emerged Sets SUI Price for 16% Rally; Buy Today?

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SUI Price Analysis

Published 13 hours ago

SUI Price Analysis: The last correction phase in SUI price found suitable support at the $1.02 level. The coin price rebounded from this support twice in just a week reflecting the buyers are actively accumulating at this level. In just three days, the coin price surged 22% from the aforementioned resistance and hit the $1.26-$1.245 neckline resistance of a well-known bullish reversal pattern called the double bottom. Here’s how interested traders may enter long positions with this pattern.


Key Points: 

  • A bullish breakout from $1.26 will trigger a double-bottom pattern
  • The reclaimed EMAs 20 and 50 may encourage buying orders in the market.
  • The intraday trading volume in the SUI  coin is $429.5 Million, indicating a 138% gain

SUI Price Analysis

SUI Price AnalysisSource- Tradingview

In the 4-hour time frame chart, the SUI price shows the formation of a double bottom pattern. This pattern reflects the underlying buying pressure of the coin is rising which provides a significant growth potential. 

However, the coin price currently trades at the $1.22 mark and continues to waver below the $1.26-$1.245 neckline resistance of the pattern. The rejection candle observed at this barrier indicates the altcoin may witness a minor pullback before challenging the neckline.

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A potential breakout from $1.26 with candle closing will offer interested buyers an entry opportunity and a flipped support continue to rise to higher levels. The post-breakout rally may surge the prices 16.5% higher to poke the $1.47 mark.

Alternatively, a breakdown below the immediate support of $1.2 will invalidate the bullish thesis.

Technical Indicator

Relative Strength Index: An evident growth in the 4-hour chart RSI slope reflects an additional confirmation of a bullish recovery.

Bollinger Band: The upper band of the BB indicator is already challenging indicating the SUI price is witnessing a strong bullish momentum.

SUI  Coin Price Intraday Levels

  • Spot price: $1.23
  • Trend: Bullish
  • Volatility: Medium
  • Resistance level- $1.27 and $1.377
  • Support Level- $1.14 and $1.08

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From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at)

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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