SUN price near completing its month-long descending triangle. Will we see an upward breakout?
Key Takeaways
- SUN surged 430%, retesting October 2021’s $0.044 high.
- The price stabilized above the key $0.022 Fibonacci retracement level.
- A breakout above $0.035 could signal a new uptrend.
SUN Token has experienced significant price fluctuations, entering a bear market after peaking in October 2021.
Recently, a sharp recovery led to a 430% rise in SUN, but it is now consolidating, with potential signs of an uptrend forming.
SUN Price Analysis
Since reaching $0.043 in October 2021, the price of SUN has been in a bear cycle. It fell to a low of $0.0048 in October of the following year and traded horizontally to $0.0080 until February 2024.
By mid-March, it recovered to its upper horizontal level of $0.020, after which it started trending downward. In conjunction with its horizontal range, this cup and handle pattern lasted until Aug. 8, when it reached a low of $0.0086, retesting the horizontal range resistance for support.
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Support was present, and SUN price began to surge, rising by 430% to a high of $0.044 on Aug. 24, the same level as in October 2021, from which the previous bear phase started.
After a parabolic runup, SUN found resistance, and a downturn followed, bringing its price to a low of $0.023, where it currently sits.
SUN Price Prediction
Zooming into the hourly chart, we can see that the price stabilized above $0.022, which is the 0.618 Fibonacci retracement level from its recent high.
This could be an early sign of an upturn, although further confirmation is needed. A descending triangle was formed, the previous interaction ending as a rejection, yet the price was maintained above its recent low without falling further.
If another uptrend starts, the first five-wave impulse could see a breakout above the descending resistance and a high of $0.035.
Since there is a chance the increase could be a corrective one with further downside movements ahead, its length and momentum will provide insight into the future outlook.
Read More: Sun Price Prediction 2024
