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After falling under the key of $ 3.00, Sui now again tests a make-or-break level that can ignite or block the rally of the cryptocurrency. However, some market guards believe that the Altcoin is preparing for new highlights despite the recent withdrawal.
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Sui eyes breakout up to $ 5
This week Sui fell below $ 3.00 Mark in the middle of the Israel-Iran news-driven market traces. The Cryptocurrency has seen a 7% decrease in the last three days, making a low point of $ 2.68 of $ 2.68 on Wednesday morning before he recovered.
Since the breakout at the end of April, SUI has been acting within the range of $ 2.33- $ 4.10, with the price that has fluctuated around the upper limit in the past two months.
In particular, the Altcoin ended his downtrend of several months after he broke over his falling resistance at the end of March, which led to the $ 4.00 meeting. On Wednesday, analyst Crypto Bullet suggested that it could prepare for a similar performance.
According to the post, Sui broke off a falling wig pattern before he bounced the annual exponential advancing average (EMA) and the advancing average (MA) between March and April, who pushed the outbreak and rally from May to his May high.
Now the Cryptocurrency de EMA and MA tests again, while printing a newly falling wig pattern that focuses on $ 5.00- $ 5.50. For Crypto Bullet: “This is where Sui will establish a higher low point and will soon rise to a new ATH.”
Earlier this month, the analyst also emphasized a one-year-old wedge pattern that looks at the $ 8- $ 10 levels when the next big target for the cryptocurrency. The high-time frame graph shows that the Altcoin has been floating between the upper and lower limits of the pattern since the beginning of 2024.
In the midst of the prize action in April, the cryptocurrency bounced out of the support of the pattern, which suggests that an increase in the resistance line will come in the coming months if history repeats.
Make-Or-Break level Hertest
Meanwhile, Coinvo trader noted That Sui is currently re-testing a Make-Or-Break level, the most important area of $ 2.80, which acted as support and weak resistance earlier this year.
Holding this level is crucial for the cryptocurrency meeting, because a decrease can send the price to the $ 2.33 range low and a potential retest of $ 2.00 support.
On the contrary, price stability in this area could propel a recurrence of the barrier of $ 3.00 and a restoration of the range heights, which is needed for a bullish rally forecast. Since analyst stretched Capital earlier, the performance of June will be decisive for his medium action.
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It is worth noting that SUI has built up a re-accumulation oak around the same levels as the end of 2024. At that time it was weeks before the weekly closure above the range and setting up his high (ATH) outbreak of $ 3.39- $ 3.78 consolidated.
This time, the cryptocurrency has neatly consolidated neatly than last year, so that it can protect a weekly close by in the range of range for two consecutive weeks. Sui will have to recover the $ 3.39 area in the coming weeks to maintain his monthly bull flag and position himself for higher levels.
At the moment Sui acts at $ 2.79, a decrease of 3.3% in the daily period.
Featured image of unsplash.com, graph of TradingView.com
Credit : www.newsbtc.com
