Bitcoin’s Surge Sparks Altcoin Rally: Is Sui (SUI) Set for More Gains?

Main Highlights:

Bitcoin (BTC) has recently climbed to a brand-new all-time high, and this positive momentum appears to be spilling over into the altcoin market. A notable beneficiary of this trend is Sui (SUI), which saw a powerful 11.3% jump, reaching $3.41.

So, what’s next for SUI? Let’s dive into the chart evaluation to get a greater picture.

SUI Price Projection

On Wednesday, SUI made a pointy turnaround from its 20-day exponential moving average (EMA) at $2.92. By Thursday, it had successfully breached the 50-day easy moving average (SMA) at $3.08.

The 20-day EMA is starting to trend upwards, and with the relative strength index (RSI) moving into positive territory, it seems the bulls are back in play. If the bulls can keep the value above the 50-day SMA, we would see the SUI/USDT pair aiming for $3.55.

However, if the value reverses and dips below the 20-day EMA, it could indicate continued selling pressure from the bears, possibly pushing the pair all the way down to $2.64, and eventually to $2.29.

Technical Patterns and Potential Scenarios

On a more in-depth look, the pair has accomplished a bullish inverse head-and-shoulders pattern once it closed above the $3.08 mark. While the upward-sloping moving averages give a nod to the buyers, the RSI indicates an overbought condition, suggesting a possible pullback may be on the horizon. The neckline of the pattern is a critical support level to observe. If SUI bounces off this neckline, it could propel the pair to $3.50, with further gains potentially reaching the pattern goal of $3.89.

Yet, this rosy outlook could quickly change if the value drops below the moving averages, potentially driving the pair all the way down to $2.80 and even $2.60.

Remember, this is not investment advice. All trading and investment activities involve risks, so it’s crucial to do your homework before making any decisions.