Analyst CryptoBusy has thrown the spotlight on SUI’s price chart, which exhibits a massive ‘cup and handle’ pattern, typically a bullish trend indicator. This formation has stirred excitement within the trading community, suggesting that SUI may follow in the footsteps of successful patterns seen in other tokens like ARKM and ORDI. Advising traders to watch SUI closely but also to do their research, CryptoBusy wrote, “DON’T BLINK!”
The ‘cup and handle’ pattern identified by CryptoBusy denotes a bullish continuation, where SUI’s price action has shaped a significant recovery and consolidation curve, resembling a teacup. The price has rebounded from a low, stabilized, and is now ascending in what could signal the start of an upward rally. The crucial breakout point is pegged at around $1.40, suggesting a rally toward a target near $1.92 if the pattern holds.
Maintaining momentum relies on the support level at $0.3620, which serves as the safety net for bullish scenarios. A drop below this threshold could signify a reversal of fortunes, but as long as SUI trades above this line, the optimistic outlook remains intact.
CryptoBusy’s analysis aligns with SUI’s recent price action, which saw a significant climb from December 2023 to early 2024. A subsequent correction phase has not dampened the bullish sentiment, as evidenced by the current price of $1.52, up by 6.79% in the last 24 hours.
Backed by historical performance and technical indicators, the bullish sentiment for SUI appears strong. Investors and traders should monitor the breakout above the ‘handle’ with keen interest. A confirmed move supported by high trade volumes and a solid RSI could mark the beginning of continued bullish momentum.
SUI’s market performance presents a bullish ‘cup and handle’ pattern, prompting traders to remain alert. The potential for significant price gains hangs in the balance, hinged on the token’s ability to maintain its crucial support level and complete the breakout pattern.
