Here's Why SUI is Due for a Massive Increase | Credit: Derek Fenech
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Key Takeaways
SUI broke out from a descending resistance trend line.
The price is attempting to break out above the $4.05 resistance.
Has SUI reached its cycle bottom, and can it reach new highs this cycle?
SUI is readying for an imminent breakout after weeks of correcting.
Quickly approaching the $4.05 resistance area, SUI could go parabolic if it breaks out.
Let’s examine the charts and determine whether a breakout is likely and, if so, where it will lead.
SUI Price Analysis
The SUI price has decreased since it deviated above the $4.05 horizontal resistance area (black circle) in July.
The downward movement followed a diagonal resistance (dashed) and led to a low of $3.11 on Sept. 11.
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Momentum indicators suggest a breakout is imminent. The Relative Strength Index (RSI) crossed 50 (black circle), and the Moving Average Convergence/Divergence (MACD) crossed 50.
So, the SUI prediction is bullish, suggesting that a breakout above the $4.05 resistance is the next likely step.
Why is SUI Going Up?
The weekly time frame shows that SUI started a five-wave upward movement in April and is currently in the fifth and final wave.
There is overlap between waves one and four, so the entire increase is a leading diagonal. The ascending wedge shape confirms that this is the case.
Because of the overlap between waves one and four, the entire increase is likely a leading diagonal. The ascending wedge shape confirms this.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
