The SUI price is currently showing a bullish pattern and a meaningful recovery from the correction phase. The coin price rebounded from the $1.02 to $1.245 in just three days, creating a double bottom reversal pattern. The underlying buying pressure of the coin is increasing as the 4-hour time frame chart's Relative Strength Index is indicating a rise, and the Bollinger Band's upper band is challenging. If the coin breaks above $1.26 neckline resistance, it could witness a 16.5% price surge to the $1.47 mark. However, a breakdown below $1.2 may invalidate the bullish recovery. Traders must cautiously evaluate the market conditions and then enter long positions with the new pattern.
David Castillo
- 2023-05-15
Evaluation of Bullish Pattern on SUI Price
The SUI price is showing a bullish pattern and a meaningful recovery from the correction phase. If the coin breaks above $1.26 neckline resistance, it could witness a 16.5% price surge to the $1.47 mark. However, a breakdown below $1.2 may invalidate the bullish recovery.
