A recent analysis of the $SUI token suggests that it may be at the cusp of a significant bullish trend, according to analysis by CryptoBusy. With an impressive gain of 46% since its last mention by market watchers, $SUI now confronts a critical resistance point. The anticipation builds around a classic bullish signal in the trading world—the cup and handle pattern—hinting at a possible breakout.
The ‘Cup and Handle’ formation is a pattern on the candlestick chart that investors interpret as a bullish signal. It represents a period where the market sentiment transitions from a bearish downturn to an optimistic bullish upswing, forming a ‘cup.’ The subsequent ‘handle’ develops through a smaller dip in price, following the right side of the cup. Traders often regard the emergence of this pattern as a prelude to a potential price surge.
At present, $SUI’s trajectory appears to mirror this optimistic formation. After enduring a season of price declines, the token has carved out what seems to be the ‘cup’ section of the pattern. The movement has been robust enough to cross the previous resistance level, signaling to market participants that a bullish trend might be solidifying. This is further corroborated by the price action which is, at the moment, etching the ‘handle’ of the pattern.
A closer look at the price chart through the lens of Fibonacci retracement levels reveals that $SUI’s price has honored the 0.618 level—a retracement often associated with continuation of prior trends. Moreover, the price target projected by analysts, based on the depth of the ‘cup,’ points to an ambitious 677.77% increase from the breakout point.
According to insights from CryptoTony, the prevailing market conditions and momentum suggest that this may only be the beginning of an extended upward trajectory for $SUI. The $SUI/USD trading pair has recently achieved a new high, an event that is bolstering investor confidence in the potential for further gains.
The price movement of $SUI is demonstrating classic signs of a bullish market with higher highs and higher lows. The timeline under scrutiny stretches from March 2022 to an anticipated horizon of September 2024. In this period, support and resistance levels, marked by red horizontal lines, offer a compelling narrative of $SUI’s resilience and potential.
