SUI bullish chart pattern confirmation sets breakout target at $3.89

Key points:

• SUI broke supra a bullish pattern, opening the gates for a imaginable rally to $3.89.

Bitcoin (BTC) surged to a caller all-time precocious connected Thursday, and the bullish sentiment has rubbed disconnected connected prime altcoins. One specified altcoin is Sui (SUI), which rallied 11.3% to $3.41.

Could SUI proceed its upward move? Let’s analyse the charts to find out.

SUI terms prediction

SUI turned up sharply from the 20-day exponential moving mean ($2.92) connected Wednesday and broke supra the 50-day elemental moving mean ($3.08) connected Thursday.

SUI/USDT regular chart. Source: Cointelegraph/TradingView

The 20-day EMA is trying to crook up, and the comparative spot scale (RSI) has jumped into affirmative territory, indicating that the bulls are backmost successful the game. If buyers support the terms supra the 50-day SMA, the SUI/USDT brace could ascent to $3.55.

Contrary to this assumption, if the terms turns down and breaks beneath the 20-day EMA, it signals that the bears proceed to merchantability connected rallies. The brace could past descend to $2.64 and aboriginal to $2.29.

Related: Bit Mining surges 350% connected pivot to Solana, plans $300M token treasury

SUI/USDT 4-hour chart. Source: Cointelegraph/TradingView

The brace completed a bullish inverse head-and-shoulders signifier connected a adjacent supra the $3.08 level. Although the upsloping moving averages awesome an vantage to buyers, the overbought level connected the RSI suggests a pullback whitethorn beryllium astir the corner. The neckline is the important enactment to ticker retired for connected the downside. If the terms rebounds disconnected the neckline, the brace could rally to $3.50 and subsequently to the signifier people of $3.89.

This optimistic presumption volition beryllium negated successful the adjacent word if the terms turns down and plunges beneath the moving averages. That whitethorn descend the brace to $2.80 and past to $2.60.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.