After recording a massive bullish rally of more than 400% from $0.46 to $2.36 between August and October, the bullish trend in the SUI token is taking a setback. Over the last three weeks, the SUI token is down by almost 20% and is currently trading at $1.8835. This comes after the 10.98% jump last week.
However, the bullish recovery was short-lived as the intraday pullback of 3.24% kept the SUI market price below the $2.00 psychological mark. In the daily chart, the recovery has formed a support trend line facing constant bearish hammering. $SUI
Furthermore, the dynamic support of the 50-day EMA has entered the play to provide a cushion for a bullish reversal. The short-term pullback forms a resistance trend line, completing a triangle pattern, and the intraday pullback puts the support trendline at risk.
Based on the Fibonacci levels, the pullback is putting immense pressure over the 78.60% Fibonacci level at $1.74.
Technical Indicators:
RSI: The daily RSI line shows a bullish divergence in the last two bottom formations, teasing a potential bullish comeback if the broader market recovers.
EMA: The dynamic support of the 50-day EMA and the positive alignment of the 100-day and 200-day EMA provide multiple support areas.
Where’s SUI Price Headed?
If the SUI token price breaks below the support trend line, the 61.80% and 50% Fibonacci levels coinciding with the 100-day and 200-day EMA are potential bounce-back areas.
These areas are $1.48 and $1.30 below the $1.58 psychological mark. However, on the upside, if the broader market recovers, the SUI token is likely to regain its bullish momentum.
As one of the high-performing projects challenging the Solana network, a broader market recovery will likely result in a new all-time high. Based on the Fibonacci levels, the breakout of the $2.00 psychological mark and the overhead resistance trend line will put the $2.50 and $3.00 psychological mark as potential targets in November.
By the end of the year, if the bullish trend continues after the increased uncertainties of the US presidential elections, the 2.618% Fibonacci level at $4.57 is a potential price target.
