SUN Price Poised for Breakout After Symmetrical Triangle Consolidation

Key Takeaways

• Symmetrical triangle breakout hints at an impulsive wave formation.
• Key Fibonacci retracements suggest crucial support and resistance zones.
• Critical support at $0.02055, resistance at $0.02524.

The SUN shows intriguing price action, combining symmetrical patterns and well-defined Elliott Wave structures.

The chart analysis points out the potential bullish breakout, but the price is still consolidating with equal pressure from both sides. 

SUN Price Analysis

The SUN 4-hour chart depicts a completed ABC corrective wave at a critical support zone at $0.020. The formed symmetrical triangle pattern hints at market consolidation following prior impulsive waves that reached a high of $0.044 on Aug. 25.

Such setups typically precede significant breakouts, and the chart suggests the current price is attempting to escape the triangle’s confines.

On Dec. 3, the price shot up, retesting its prior high and spiking to $0.043. However, it reverted to its symmetrical triangle ascending support, confirming that this was still part of the corrective pattern. 

Notably, Fibonacci retracement levels highlight that $0.0252 (0.5 Fib) and $0.0299 (0.382 Fib) act as key resistance zones.

Meanwhile, the Relative Strength Index (RSI) momentum hovers in neutral-to-bullish territory, indicating growing strength but still leaving room for further upside.

A breakout above the $0.0252 level would confirm the bullish scenario, targeting the next significant resistance at $0.0357 (0.236 Fibonacci retracement).

However, failure to sustain above $0.0207 may invalidate the bullish case, increasing the probability of testing deeper supports.

SUN Price Prediction

On the 1-hour chart, the triangle breakout aligns with a potential wave (iii) development supported by Fibonacci extension targets. The wave (ii) correction retraced neatly to $0.0207, marking it as a significant support.

The expected path for wave (iii) extends toward $0.0315 (1.272 Fibonacci extension) and $0.0344 (1.618 extension).

Wave counts on the lower time frame suggest a completed sub-wave (i) of wave (iii), with the price retracing for sub-wave (ii).

This retracement aligns with the 0.5 Fibonacci level ($0.0249), providing a potential entry point for continuation. The hourly chart’s RSI exhibits oversold conditions at around 35.

If momentum persists, wave (iii) could surpass the 1.618 extension at $0.0344 and challenge $0.0399 (2.272 extension).

Conversely, a breakdown below $0.0227 (0.236 retracement) would invalidate the bullish wave count and suggest a retest of triangle support near $0.0207.

Key Levels to Watch

• Immediate Resistance: $0.0249 (0.5 Fibonacci retracement).
• Secondary Resistance: $0.0239 (0.382 Fibonacci retracement).
• Major Resistance: $0.0344 (1.618 Fibonacci extension, potential wave iii target).
• Immediate Support: $0.0249 (0.5 Fibonacci retracement of wave ii).
• Secondary Support: $0.0227 (0.236 Fibonacci retracement).
• Critical Support: $0.0207 (symmetrical triangle base).
• Short-Term Target for Wave (iii): Above $0.0315 if momentum sustains.
• Invalidation Zone: Below $0.0207, signaling further downside potential.