Key factors:
Bitcoin (BTC) surged to a brand new all-time excessive on Thursday, and the bullish sentiment has rubbed off on choose altcoins. One such altcoin is Sui (SUI), which rallied 11.3% to $3.41.
May SUI proceed its upward transfer? Let’s analyze the charts to seek out out.
SUI worth prediction
SUI turned up sharply from the 20-day exponential shifting common (EMA) ($2.92) on Wednesday and broke above the 50-day easy shifting common (SMA) ($3.08) on Thursday.
The 20-day EMA is making an attempt to show up, and the relative energy index (RSI) has jumped into constructive territory, indicating that the bulls are again within the sport. If consumers preserve the worth above the 50-day SMA, the SUI/USDT pair may climb to $3.55.
Opposite to this assumption, if the worth turns down and breaks beneath the 20-day EMA, it indicators that the bears proceed to promote on rallies. The pair may then descend to $2.64 and later to $2.29.
Associated: Bit Mining surges 350% on pivot to Solana, plans $300M token treasury
The pair accomplished a bullish inverse head-and-shoulders sample on a detailed above the $3.08 degree. Though the upsloping shifting averages sign a bonus to consumers, the overbought degree on the RSI suggests a pullback could also be across the nook. The neckline is the essential assist to be careful for on the draw back. If the worth rebounds off the neckline, the pair may rally to $3.50 and subsequently to the sample goal of $3.89.
This optimistic view shall be negated within the close to time period if the worth turns down and plunges beneath the shifting averages. That will sink the pair to $2.80 after which to $2.60.
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.
