The price of the cryptocurrency Sui (SUI) was at $0.36 levels a month ago. Since then, it has entered an upward trend. SUI continued its increase to the level of $0.66. Now, it is wondered where SUI will go with the subsequent pullback.
Daily Outlook for Altcoin SUI
The cryptocurrency SUI has been trading within a falling wedge since June 10, 2023. This situation is often considered as a rising formation that leads to breakouts. On October 28, this breakout occurred and the cryptocurrency SUI surpassed the wedge formation, ending the downtrend.
After October 28, the price continued to rise. It exceeded the significant resistance level of $0.51. Yesterday, SUI retested this area. Subsequently, it formed a bullish engulfing pattern. This development is now interpreted as the initiation of an uptrend for the altcoin SUI.
When we look at the daily RSI of SUI, we can see a hidden bullish divergence, which brings along more potential gains. If this occurs, the price of SUI can be expected to reach the level of $0.87. This level means a 50% increase from the current price level.
Descending Parallel Channel
When we look at the 4-hour chart, we see that the cryptocurrency SUI has been trading within a descending parallel channel since its high level on November 13 at $0.66. This formation generally indicates a corrective structure. It often leads to significant and effective breakouts.
Currently, the SUI price has been rejected by the resistance of the channel. If there is a small correction, the price can retest the midline of the channel at the level of $0.54.
When we look at the 4-hour RSI, we can see that it has crossed the descending resistance line and is above the 50 level. Both of these indicate bullish signals. Let’s note that such breakouts in the RSI usually lead to similar breakouts in price movement.
Based on this, it can be expected that the price of the altcoin SUI will soon surpass the current descending parallel channel and rise to the level of $0.66 towards the nearest resistance. The most likely scenario is that the SUI price will continue to rise in the near future. The immediate target for SUI is $0.66, followed by $0.87.
