SUI Price Gains 139% in 42 Days: Can It Reach $2.07?

The SUI value grew to become among the finest performing cryptos final week, persevering with a bullish development for 2 weeks. As demand for altcoins grows and broader market restoration alternatives enhance because of rate of interest discount potentialities, consumers are lining up for SUI.

Will one other breakout and 50% Fibonacci stage value surge end in a brand new all-time excessive for SUI this yr? Let’s discover out.

SUI value evaluation

With a descending channel sample on the every day chart, SUI value is in a bullish restoration. After the channel breakout, the SUI consolidated between the Fibonacci stage of 23.60% and 50%, starting from $0.73 to $1.05.

Trading view

With a broader cryptocurrency restoration final week, SUI value claims the $1.00 psychological stage and surpasses the 50% Fibonacci stage. Moreover, the SUI restoration creates a rounded backside within the every day chart with a neckline on the 50% Fibonacci stage.

Presently, SUI value is buying and selling at $1.1079 with an intraday acquire of two.73%. From the current low of $0.46 on August 5, SUI value has risen 139% in simply 42 days.

Technical indicators:

EMA: Amid the rising bullish affect, the essential EMAs are trending and making ready for a golden crossover between the 50-day and 200-day EMA. This may drive the broader marketplace for the SUI token restoration run.

MACD: Moreover, the MACD and sign strains are on a bullish observe with a rise within the optimistic histograms.

Will SUI cross the $1.75 mark?

With the restoration rally gaining momentum following the current backside completion, the channel breakout rally is prone to breach the 61.80% Fibonacci stage of $1.2371.

With three consecutive bullish candles and the breakout rally gaining momentum, SUI value is simply 49.20% away from its earlier swing excessive at $2.1816. Based mostly on the Fibonacci ranges, the upcoming goal ranges for the SUI token are $1.55 and $2.07.

Optimistically, the logarithmic value chart and Fibonacci ranges current $4.8051 as a really perfect year-end goal. Subsequently, with an enormous upside potential of over 300% and a sustained restoration above $1, the SUI token is without doubt one of the quickest altcoins within the crypto market.

Questioning if the bull run in SUI will surpass $2 in 2024? Discover out now in Coinpedia’s well-rounded SUI value prediction!