SUI’s next ‘altcoin season’ stop could be $5: Here’s why

Key point:

• Growing involvement successful altcoins could propulsion SUI supra the stiff overhead absorption astatine $4.30, mounting up a rally to $5.

Bitcoin (BTC) has been consolidating aft hitting the all-time precocious of $123,218. Although BTC has not fixed up overmuch ground, its falling dominance of the full crypto marketplace capitalization shows that wealth is flowing into altcoins.

Will Sui (SUI) beryllium 1 of the beneficiaries this altseason? Let’s analyse the charts to find out.

SUI terms prediction

SUI picked up momentum aft breaking supra the 50-day elemental moving mean ($3.10) connected July 10.

SUI/USDT regular chart. Source: Cointelegraph/TradingView

The up determination has reached adjacent the overhead absorption of $4.30, wherever the sellers are expected to equine a beardown defense. There is enactment astatine $3.81 and past astatine the 20-day exponential moving mean ($3.37). If the terms rebounds disconnected the 20-day EMA, the bulls volition again effort to thrust the SUI/USDT brace supra $4.30. If they negociate to bash that, the brace could surge to $5 and yet to $5.37.

This optimistic presumption volition beryllium negated successful the adjacent word if the terms turns down and breaks beneath the 20-day EMA. That suggests the bulls are losing their grip. The brace whitethorn past driblet to the 50-day SMA.

Related: 3 charts shriek ‘It’s altcoin season’ arsenic Bitcoin dominance hits 8-week lows

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

The brace completed a bullish inverse head-and-shoulders signifier connected a adjacent supra the $3.55 level. Sellers are trying to halt the rally astatine $4.10, but the bounce disconnected the 20-EMA connected the 4-hour illustration indicates a affirmative sentiment. The brace could rally to $4.30, which whitethorn enactment arsenic stiff resistance.

Sellers volition person to tug the terms beneath the breakout level of $3.55 to summation the precocious hand. The brace whitethorn past tumble to $3.30 and aboriginal to $3.

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.