Basic Points:
Bitcoin (Btc) climbed to a new all-time high on Thursday, and the bullish sentiment was rubbed with selected altcoins. One of the altcoins is sui (Sui), rallies at 11.3% to $ 3.41.
Can Sui continue its upward move? Let’s review the charts to find out.
Sui’s price prediction
Sui stood strongly from the 20-day exponential transfer of average ($ 2.92) on Wednesday and broke up above the 50-day simple transfer of average ($ 3.08) on Thursday.
The 20-day EMA is trying to get up, and the relative index (RSI) jumps into the positive territory, indicating that the bulls are back in the game. If consumers maintain the price above the 50-day SMA, the SUI/USDT pair can climb to $ 3.55.
Contrary to this assumption, if the price decreases and breaks down the 20-day EMA, it is a sign that the bears will continue to sell at rallies. The pair could drop to $ 2.64 and later to $ 2.29.
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The pair completed a bullish opposite head-and-shoulders pattern to a close-up of $ 3.08 level. Although surprisingly moving averages are an advantage over consumers, RSI’s excess level suggests a pullback may be around. The neckline is the important support to guard the downside. If the price is bouncing from the neckline, the pair can rally at $ 3.50 and follow the target pattern of $ 3.89.
This optimistic perspective will be neglected in the near term if the price drops and falls below the moving averages. That could sink the pair to $ 2.80 and then at $ 2.60.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
