SUI Price Analysis: New Bullish Pattern Emerged Sets SUI Price for 16% Rally; Buy Today?

SUI Price Analysis: The last correction phase in SUI price found suitable support at the $1.02 level. The coin price rebounded from this support twice in just a week reflecting the buyers are actively accumulating at this level. In just three days, the coin price surged 22% from the aforementioned resistance and hit the $1.26-$1.245 neckline resistance of a well-known bullish reversal pattern called the double bottom. Here’s how interested traders may enter long positions with this pattern.

Key Points: 

• A bullish breakout from $1.26 will trigger a double-bottom pattern
• The reclaimed EMAs 20 and 50 may encourage buying orders in the market.
• The intraday trading volume in the SUI  coin is $429.5 Million, indicating a 138% gain

Source- Tradingview

In the 4-hour time frame chart, the SUI price shows the formation of a double bottom pattern. This pattern reflects the underlying buying pressure of the coin is rising which provides a significant growth potential. 

However, the coin price currently trades at the $1.22 mark and continues to waver below the $1.26-$1.245 neckline resistance of the pattern. The rejection candle observed at this barrier indicates the altcoin may witness a minor pullback before challenging the neckline.

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A potential breakout from $1.26 with candle closing will offer interested buyers an entry opportunity and a flipped support continue to rise to higher levels. The post-breakout rally may surge the prices 16.5% higher to poke the $1.47 mark.

Alternatively, a breakdown below the immediate support of $1.2 will invalidate the bullish thesis.

Technical Indicator

Relative Strength Index: An evident growth in the 4-hour chart RSI slope reflects an additional confirmation of a bullish recovery.

Bollinger Band: The upper band of the BB indicator is already challenging indicating the SUI price is witnessing a strong bullish momentum.

SUI  Coin Price Intraday Levels

• Spot price: $1.23
• Trend: Bullish
• Volatility: Medium
• Resistance level- $1.27 and $1.377
• Support Level- $1.14 and $1.08