Last night, Bitcoin recorded significant growth, reaching a new all-time high, and this optimistic sentiment has spread to some altcoins. Among them, the price of Sui increased by 11.3%, reaching $3.41.
Will SUI continue its upward trend? To find out, we will conduct a price chart analysis.
SUI price prediction
In Wednesday's trading session, SUI strongly rebounded from the 20-day exponential moving average (EMA) at $2.92, and on Thursday, it surpassed the 50-day simple moving average (SMA) at $3.08.
Currently, the 20-day EMA is showing signs of rising, while the relative strength index (RSI) has entered the positive zone, indicating a return of the bulls. If the buyers maintain the price above the 50-day SMA, SUI is likely to rise to $3.55.
However, if the price drops and breaks below the 20-day EMA, this will signal that the bears are still selling into the rallies. In that case, SUI could decrease to $2.64 and then to $2.29.
SUI has completed an inverted head and shoulders pattern by closing above $3.08. Although the upward-sloping moving averages suggest an advantage for the bulls, the overbought level on the RSI suggests that a correction may be imminent. The neckline of the pattern is an important support level to watch. If the price bounces up from the neckline, the pair could rise to $3.50 and then reach the pattern target of $3.89.
However, this optimistic view will be negated in the short term if the price drops and breaks through the moving averages. In that case, SUI could decrease to $2.80 and then to $2.60.