SUI Breaks the Lower Highs Trend, Is this a Sign of a Bull Run?

  • Crypto analyst tweeted that SUI has broken the trend of making lower highs. 
  • SUI token is up by 17% in the last seven days and is trading inside a falling wedge. 
  • The token may retrace before it spikes and reaches the resistance levels above.

A Crypto Analyst by the pseudonym Woetoe tweeted that the SUI token has broken the trend of making lower highs. With the trend overturned, the analyst expects a spike in SUI tokens. According to his expectations, the minimum spike would be $0.622  while the next higher price would be $0.770. $1 is the maximum hike that Woetoe expects SUI to reach. 

The below chart shows the SUI token’s price movement for the past seven days. SUI has had some jagged movements and was trading at $0.3997 after the markets opened for trading. SUI was heavily reliant on the support just above $0.42 during the first five days of trading, where it fluctuated between $0.42-$0.46. 

SUI/USD 1 Week Chart Source: CoinMarketCap

Currently, the SUI token is trading at $0.469 after experiencing more than a 17% increment in its price in the last seven days. The below chart shows that SUI has been training inside a falling wedge since mid-June. It made lower lows and lower highs rebound off of both trendlines. 

SUI/USDT 1-Day Chart (Source: Tradingview) 

Currently, the trend of making lower highs has been broken, as such, there is a high chance for SUI to spike. As per the best practice of trading a falling wedge, SUI could be expected to spike by the height of the wedge at the initial stages of its formation. Hence, if the above-mentioned thesis is satisfied, SUI could spike and reach somewhere below $0.75. However, it needs to clear the resistance at $0.623 before heading upwards. 

If the bulls are dominant even after reaching above the $0.75 level, then SUI could target $1.085 as its next resistance level. However, there could be a retracement before the spike happens as SUI has touched the upper Bollinger band. Hence, during this retracement, SUI could land just below $0.36 on the lower trendline.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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