SUI Price Prediction: Bullish Pattern Targets $3.89
SUI has broken out of an inverse head-and-shoulders pattern, signaling potential upward momentum with a target of $3.89. This technical development coincides with Bitcoin (BTC) reaching a new all-time high, boosting sentiment across select altcoins including SUI.
Technical Analysis Overview
On Wednesday, SUI rebounded sharply from its 20-day exponential moving average (EMA) at $2.92. The subsequent break above the 50-day simple moving average (SMA) at $3.08 on Thursday suggests growing bullish momentum. With the 20-day EMA trending upward and the relative strength index (RSI) in positive territory, SUI could test $3.55 if it maintains above the 50-day SMA.
Market Scenarios
While indicators point to bullish potential, the overbought RSI suggests a possible near-term pullback. The neckline of the inverse head-and-shoulders pattern now serves as key support. A bounce from this level could drive SUI toward $3.50, then $3.89. Conversely, falling below the moving averages might see prices retreat to $2.80 or $2.60.
Key Takeaways
- SUI completes bullish chart pattern with $3.89 target
- Positive momentum follows Bitcoin’s record performance
- Technical indicators show strength but caution about overbought conditions
