Sui Network breaks out of a falling wedge on the 4H chart, signaling a bullish reversal with price crossing the 50-period moving average.
Price targets are now set at $3.50, $3.75, and $4.10, following increased trading volume and rising Relative Strength Index confirming buying strength.
The $2.93 support level holds firm as traders monitor momentum at key resistance zones to gauge potential for a continued upward rally.
Sui Network has exited a falling wedge pattern on the 4-hour chart, suggesting a bullish reversal could be underway. The price move above the 50-period moving average confirms momentum building from the $2.93 support level.
Bullish Pattern Breakout Signals Trend Shift
According to a tweet by Jonathan Carter, Sui Network has broken out of a falling wedge formation, pushing above its descending trendline. This movement was paired with a climb above the MA 50 on the 4H chart, a technical signal traders often associate with strength.
Source: Jonathan Carter
Sui's price action was contained by the falling wedge for several sessions. A breakout from a falling wedge like this generally indicates that price will begin shifting momentum upwards. This breakout occurred precisely near $2.93 support and aligned with an increase in trading volume. There was also an increase in the Relative Strength Index (RSI) that supports this increase in buying volume.
Key Resistance Levels in Focus
Now that the wedge breakout is confirmed, attention turns to upcoming resistance levels. The price has its first target at $3.50, a zone where consolidation may occur due to past reactions. Should the asset maintain its upward trajectory, further resistance lies at $3.75 and $4.10.
Carter’s analysis suggests that the $4.10 mark is a major level, previously tested and supported by high trading volume. This level may serve as a hurdle, but also as a signal for trend continuation if cleared.
CW added that $SUI may face a sell wall at $3.4, and if breached, the next major resistance would appear around $4.
https://twitter.com/CW8900/status/1931760204598923352
Support Zone and Potential Rally Formation
The $2.93 support zone remains intact and continues to serve as a strong base. Should there be any retracement, this level could prevent deeper declines and help form higher lows.
With the 4H chart showing renewed strength and volume growth, market watchers are closely monitoring how Sui reacts at the $3.50 resistance. Sustained buying activity may open the door for a stronger rally in the short term.
Price movement in the coming sessions will likely depend on whether Sui can maintain momentum above its breakout point.
The post Sui Network Breaks Out of Falling Wedge, Eyes Targets at $3.50, $3.75, and $4.10 appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
