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After falling below the $ 3.00 mark, SUPs now retains a level of makeup or rupture that could ignite or block the cryptocurrency rally. However, some market observers believe that Altcoin is preparing for new heights despite the recent decline.
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Sui Eyes Breakout at $ 5
This week, Suis fell below the $ 3.00 mark in the middle of the trace on the market powered by the news from Israel-Iran. The cryptocurrency has dropped 7% in the last three days, reaching a two-month $ 2.68 month on Wednesday morning before recovering.
Since its late April burstSU was negotiated in the range of $ 2.33 to $ 4.10, the price oscillating around the upper limit in the last two months.
In particular, the Altcoin ended its downward trend of several months after exceeding its resistance descending at the end of March, which led to its rally at the bar of $ 4.00. Wednesday, analyst Crypto Bullet suggested that he could prepare for a similar performance.
According to the post, SU has broken a downward corner model before rebounding the annual exponential mobile average (EMA) and the mobile average (MA) between March and April, which propelled the escape from the downward trend and the rally at its summit in May.
Now, the cryptocurrency again tests EMA and the MA, while printing a new corner model that targets the area from $ 5.00 to $ 5.50. At Crypto Bullet, “this is where SUP will establish a lower and soon go up to a new ATH.”
Earlier this month, the analyst highlighted A corner model up one year that looks at levels from $ 8 to $ 10 as the next main target for cryptocurrency. The high -time chassis graph shows that the Altcoin oscillates between the upper and lower limits of the pattern since the beginning of 2024.
In the middle of its action in April, the cryptocurrency rebounded from the support of the model, suggesting that a push of the resistance line will come in the coming months if history is repeated.
Reset the level of makeup
Meanwhile, Trader Coinvo note The fact that SUPs currently retains a level of makeup or rupture, the key area of ​​$ 2.80, which acted as support and low resistance earlier this year.
The holding of this level is crucial for the cryptocurrency rally, because a drop could send the price to the fork of $ 2.33 low and risk a potential support for $ 2.00.
On the contrary, price stability in this area could propel a recovery of the barrier of $ 3.00 and a resumption of the peaks of the range, which is necessary for a continuation of Haussier rally. Like the analyst Rekt Capital previously warnedJune’s performance will be decisive for its mid-term action.
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It should be noted that SUP built a reactive range at the same levels as at the end of 2024. At the time, it consolidated around $ 3.39 to $ 3.39 for weeks before weekly closure above the range and the implementation of its break in all time (ATH).
This time, cryptocurrency was consolidation Less properly than last year, not guaranteeing a weekly closure inside the range for two consecutive weeks. Suis must recover the $ 3.39 zone in the coming weeks to maintain its monthly bull flag and position yourself for higher levels.
When writing these lines, SU is negotiated at $ 2.79, a 3.3% drop in daily time.
Star image of Unsplash.com, tradingView.com graphic
