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- Crypto analyst tweeted that SUI has broken the trend of making lower highs.
- SUI token is up by 17% in the last seven days and is trading inside a falling wedge.
- The token may retrace before it spikes and reaches the resistance levels above.
A Crypto Analyst by the pseudonym Woetoe tweeted that the SUI token has broken the trend of making lower highs. With the trend overturned, the analyst expects a spike in SUI tokens. According to his expectations, the minimum spike would be $0.622 while the next higher price would be $0.770. $1 is the maximum hike that Woetoe expects SUI to reach.
Update on $SUI.Managed to break the long downtrend. Now let's see some strength! https://t.co/9sIcYrhdSC pic.twitter.com/ESyLKYx42i— Woetoe (@cryptowoetoe) October 30, 2023
The below chart shows the SUI token’s price movement for the past seven days. SUI has had some jagged movements and was trading at $0.3997 after the markets opened for trading. SUI was heavily reliant on the support just above $0.42 during the first five days of trading, where it fluctuated between $0.42-$0.46.
SUI/USD 1 Week Chart Source: CoinMarketCap
Currently, the SUI token is trading at $0.469 after experiencing more than a 17% increment in its price in the last seven days. The below chart shows that SUI has been training inside a falling wedge since mid-June. It made lower lows and lower highs rebound off of both trendlines.
SUI/USDT 1-Day Chart (Source: Tradingview)
Currently, the trend of making lower highs has been broken, as such, there is a high chance for SUI to spike. As per the best practice of trading a falling wedge, SUI could be expected to spike by the height of the wedge at the initial stages of its formation. Hence, if the above-mentioned thesis is satisfied, SUI could spike and reach somewhere below $0.75. However, it needs to clear the resistance at $0.623 before heading upwards.
If the bulls are dominant even after reaching above the $0.75 level, then SUI could target $1.085 as its next resistance level. However, there could be a retracement before the spike happens as SUI has touched the upper Bollinger band. Hence, during this retracement, SUI could land just below $0.36 on the lower trendline.
The post SUI Breaks the Lower Highs Trend, Is this a Sign of a Bull Run? appeared first on Coin Edition.