As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of political events impacting asset prices, and the upcoming U.S election is no exception. The potential for SUI to rally to $8 if Trump wins seems plausible, given his crypto-friendly stance and the industry’s increasing influence on the 2024 elections.
In just hours before the U.S. election, the price of SUI is close to bursting through, having already surged on charts over the past few weeks. However, it’s currently encountering resistance near its previous record high price. Investors ponder if the election outcome could trigger a price surge for SUI, potentially pushing its worth up to $8.
Among the top contenders in the current cryptocurrency market, SUI is holding a strong position, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB). On November 5, the value of SUI rose by 2.4%, reaching a trading price of $1.92.
In just a few hours before the much-awaited American event of the past 4 years, will Switzerland manage to surpass the market yet again?
Could A Trump Win Spark an $8 SUI Price Rally?
In simpler terms, it can be said that during his election campaigns, Donald Trump demonstrated an inclination towards cryptocurrencies, earning him the title of a crypto-friendly candidate. Additionally, his increasing association with Elon Musk has significantly boosted his popularity among U.S.-based crypto investors.
A study conducted by Kraken indicates that crypto enthusiasts could significantly impact the 2024 presidential election, with an estimated 26 million potential voters. This is because almost half of Americans view crypto-related policies as essential for the next president, going beyond personal financial gain. Furthermore, the crypto sector is spearheading spending in the upcoming election, having already invested approximately $238 million into key races.
As a crypto analyst, I’m observing an interesting trend: at the moment, Trump is leading Joe Biden on the decentralized predictions market platform Polymarket. If Trump were to win and maintain a pro-crypto stance, the potential impact on the cryptocurrency market, including the price of Sui (SUI), could be substantial.
“If this breaks, bullish Sui will make new ATHs!”, he said.
His assessment follows the asset regaining strength following a dip, reaching its maximum historical value again only to face obstacles at that peak point.
SUI Price Analysis: Can Sui Rally to $8?
Over the past period, SUI has displayed a continuous climb, marked by repeated higher lows and higher peaks. This trajectory is reinforced by a curved support line, which often indicates a transition from negative (bearish) to positive (bullish) market dynamics.
Lately, the price has been consolidating and created a bullish flag-like structure known as a pennant pattern. This is usually followed by additional increases in value after a powerful rally. If the SUI’s price manages to surpass the resistance level of this pennant, it might indicate that the upward trend will resume.
In simpler terms, we anticipate the price to potentially reach approximately $8.00. This figure corresponds to our projected objective following the pennant’s breakdown and might serve as a significant future milestone.
At present, SUI is holding steady around the $1.85 mark, following the lower boundary of its pennant formation. If bears manage to drive the price downward, there’s additional support waiting at approximately $1.50. This level might function as a protective cushion during any potential pullbacks. Conversely, if the price slips beneath the trendline’s rounded contour, it may indicate the commencement of a bearish market trend.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- USD PHP PREDICTION
- USD ZAR PREDICTION
- Top gainers and losers
- TON PREDICTION. TON cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
2024-11-05 10:47