Altcoin SUI prints massive double bottom pattern. Could this be the start of a new surge towards new ATHs? Expert shares step-by-step bull targets for SUI price. Sentiments for the inevitable
Sentiments for the inevitable altcoin pump phase, altseason, continue to rise and remain strong despite the short dips in the market. At the moment, many promising altcoins are pumping steadily to reclaim higher prices and break past crucial resistance levels before moving to higher targets. To highlight, altcoin SUI prints massive double bottom pattern, could this be the start of a surge towards new ATHs?
According to CoinMarketCap analytics, the price of SUI is currently trading in the $0.9 price range, meaning the asset is up by over 30% in the last 7 days and over 18% in the last 30 days. However, in the last 24 hours, the asset is down by over 5%. Despite this dip, analysts and traders remain heavily bullish and are instead accumulating more SUI during this expected short and healthy market correction.
https://twitter.com/cryptowithgopal/status/2103015960877695356As we can see from the post above, the dip has caused no cause for concern, as the SUI price chart itself is showcasing several bullish pump signals. In the chart accompanying the post above, the expert highlights how SUI is printing a massive double bottom formation. Specifically, SUI just defended the $0.55 - $0.60 zone for the second time, while the neckline sat near $2.70.
https://twitter.com/Crypto_Scient/status/2102622795079545011
A confirmed breakout has now led to SUI trading at $0.9, signaling a major momentum shift. The chart projects a potential move toward $5 since the neckline has broken convincingly. Adding on, the expert in the post above says that SUI could print a very interesting chart in the coming months as its structure has been flipped bullish on every timeframe up to the weekly.
Specifically, on the daily, the AMD setup is very clear, and SUI price swept the lows into $0.64 - 0.68, reclaiming the most important S/R at $0.85 - 0.80 with strength, and impulsed straight toward the RHs at $1.05 where it is facing resistance now. Moving forward, any dips toward $0.85 are an opportunity to build spot positions. On the upside, flipping the RHs opens the door to $1.41 and $1.92, and $1.92 is the key macro S/R that stands between price staying low and moving toward ATHs.
Lastly, the expert in the post above confirms that SUI is now on the long road towards setting up new ATHs. To highlight, a weekly close above $1.1 and a retest that holds could push through to targets between $1.30 - 1.50, $1.75 - $2, and $2.1 - $2.4. Once these levels have been reclaimed, $3.2 - $3.60 and $4.1 - $4.5 become the bigger battles. The final barrier sits around $5.1 - $5.4, and clearing it and establishing support will lead to new ATHs.
