SUI Eyes Potential Breakout Amid Market Retrace, Is $2.3 Next?

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As a seasoned analyst with over a decade of experience in the ever-evolving world of cryptocurrencies, I’ve seen my fair share of market swings and trends. The recent correction didn’t scare SUI off its game; instead, it seems to be gearing up for a potential breakout.

As a researcher observing the cryptocurrency market, I’m excited to report that following the recent market downturn, SUI has shown resilience and is now aiming to regain the $2 mark. Moreover, some astute market analysts predict that this digital currency could make substantial upward movements towards an unprecedented new all-time high (ATH).

SUI Recovers From Halloween’s Correction

By the close of October, the cryptocurrency market underwent a chilling correction, largely driven by Bitcoin falling beneath the $70,000 barrier. Many digital currencies, including Ethereum and Solana, witnessed substantial retreats, with losses approximating 5%.

On the same note as other digital currencies, the SUI token from the Sui Network dropped by 4%, falling below its recently reestablished $2 support level. Over the past few months, this cryptocurrency has stood out among its peers, surpassing most of the market in performance during Q3.

Furthermore, it experienced a 25% increase approaching its recent high of $2.35 two weeks back. After reaching its ATH, SUI’s price subsequently saw a drop of 18.5%, leading some investors and analysts to predict an extended period of consolidation for the token.

This week, the token mirrored Bitcoin’s rise and aimed for the $2.15 region, a level that had earlier boosted its price towards its current all-time high. However, by Friday morning, the token dipped to the lower boundaries of the $1.90 support level due to the broader market correction.

Today, SUI experienced a 9.3% increase, climbing from its low of $1.92 to reach $2.10, before pulling back slightly to $2.07. Some experts speculate that this cryptocurrency may be preparing for a significant surge after the recent correction.

Is A Retest Of The $2.35 ATH Looming?

According to analyst AMCrypto’s analysis, there is a possibility that SUI may experience a surge past a bullish trendline formation, popularly known as a ‘bull flag’. This pattern seems evident in the three-day chart for this cryptocurrency, with the potential breakout level being approximately $2.05.

According to the analyst, if SUI manages to surpass its current upper trendline, it could potentially surge back to its previous all-time high (ATH). On the other hand, crypto analyst Altcoin Sherpa has suggested two possible short-term scenarios for the token’s movement.

According to Sherpa, the cryptocurrency is likely to reach its all-time high (ATH) area again and then dip back down to its current prices within the upcoming weeks. If the price can’t maintain the $2 support level, it could potentially fall to around $1.65.

As a researcher, I’m cautiously optimistic about the potential trajectory of this asset. While it has currently reached a plateau, there’s a possibility it might dip following its retracement and rally again, potentially reaching new all-time highs ($2.7) by year-end. Previously, I had indicated that tokens demonstrating strong performance in September may still experience some further pullback with multiple bounces before resuming their upward trend.

In the upcoming days, many parts of the market are likely to see fluctuations due to growing uncertainty and excitement surrounding the results of the U.S. presidential election, which takes place next week.

Michael van de Poppe, the analyst, pointed out that many cryptocurrencies, including SUI, are currently experiencing a period of correction. He emphasized that the upcoming test of the $1.90-$2 support level is significant as it could potentially drive further price growth if successfully held.

As of this writing, SUI is trading at $2.05, a 3.5% increase in the last 24 hours.

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2024-11-02 09:06