As a seasoned analyst with over two decades of experience navigating financial markets, I have seen bull and bear cycles come and go. The recent pullback in the cryptocurrency market, particularly Bitcoin, is not uncommon, but it does not necessarily mean we should write off altcoins like SUI.
The cryptocurrency market witnessed a surge in selling pressure ahead of the U.S. presidential election. With the Bitcoin price dropping below $70,000, the altcoin market shows signs of a fresh correction trend. However, crypto analysts believe this pullback is temporary, and a high-performing asset like SUI could offer a major price breakout. Will the renewed recovery target $10?
Is SUI Price Poised for Breakout? Analysts Predict $10 Long-Term Potential
In a recent tweet, market analyst CryptoMan highlights a bullish outlook for SUI price despite a recent market pullback. The layer-1 cryptocurrency SUI has recently recorded $24.3 million in net inflows, outpacing popular assets like Solana and Ethereum and increasing investor interest.
The 4-hour price chart indicates that the value of SUI is fluctuating between a declining resistance level and a flat support level approximately at $1.8. This pattern might persist through this week, but the current position suggests an upcoming breakout for the coin’s price.
According to CryptoMan’s perspective, it appears that the lowest point has been reached, suggesting a robust upward trend towards approximately $2.1 in the near future. There is also a possibility that it could reach $4 by the end of this year.
If there’s a strong expectation among market participants that a bull trend will emerge, it’s possible that the SUI price could establish a long-term goal of reaching $10.
Based on Suivision’s findings, the count of active addresses on this network has just exceeded 26 million – a significant figure that underscores robust network expansion and heightened user interaction. This achievement suggests growing curiosity and broader acceptance within the SUI community.
The pattern over time indicates that a prolonged increase in prices tends to be supported by robust activity within the fundamental network, including an uptick in active addresses.
SUI Price Analysis: Flag Pattern Hints Impeding Breakout
As of the deadline for this report, each SUI unit is being traded for approximately $1.87, representing a 3.7% decrease in value throughout the day. This decline has resulted in a reduced market capitalization of around $5.34 billion. Meanwhile, over the past 24 hours, trading volume has fluctuated near $695.4 million.
In simpler terms, the shift toward bearishness on the daily chart indicates a change in direction that follows a commonly recognized pattern known as a “flag.” This pattern appears when a strong market trend (the ‘Pole’) is interrupted by a shorter-term correction (the ‘Flag’).
If the current trend in the cryptocurrency market suggests a continued decline, there’s a possibility that the SUI price might decrease by approximately 16%, potentially reaching a support level around $1.56.
Conversely, should the upcoming U.S. election spur market recovery, those who buy coins might aim for a breakout of a flag pattern, thereby sparking renewed bullish energy.
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2024-11-04 18:48