TLDR:
- SUI forms a bullish flag pattern, consolidating between $1.73 and $1.84 before a potential breakout.
- Wyckoff structure shows SUI may experience further downside before recovery in macro accumulation.
- SUI/BTC is bouncing from a rising trendline, supported by RSI divergence signaling a potential rebound.
- The breakout above $1.84 could push SUI towards $1.98, potentially reaching $2.29.
SUI token is consolidating between $1.73 and $1.84, forming a bullish flag pattern that hints at a breakout.
With Wyckoff analysis suggesting a deeper correction, a breakout above $1.84 could propel the price towards $1.98 and $2.29.
SUI Token’s Bullish Flag Pattern: A Breakout in the Making?
The SUI token has recently formed a bullish flag pattern, signaling a consolidation phase after a sharp upward move. This consolidation is a common characteristic of bullish flags.
The price briefly consolidates in a parallel range before potentially resuming the uptrend. Currently, SUI is consolidating between the $1.73 and $1.84 levels, forming a rectangular flag within a larger upward movement.
This consolidation zone cannot be overstated, as it represents the price building strength before attempting another rally. A break above the $1.84 resistance would confirm that the consolidation phase is over and signal a continuation of the bullish momentum.
Once SUI breaks this level, the next major resistance level to watch is $1.98. If the price manages to break through this area, it could potentially target $2.29, according to the projected height of the flagpole.
Overall, the bullish flag pattern suggests a positive outlook for SUI. If the price can break above the $1.84 level decisively it may see a surge toward $1.98 and possibly beyond.
Wyckoff Accumulation Phase: Deeper Correction Ahead?
While the bullish flag formation provides optimism in the short term, a deeper analysis of the broader market structure for SUI suggests the possibility of further downside.
Using Wyckoff’s market structure, SUI might be in the midst of a macro accumulation phase. Wyckoff’s theory involves a series of market phases where price movements go through accumulation, distribution, and correction.
The current price action of SUI seems to follow a typical Wyckoff pattern, with movements labeled A, B, C, and D, leading up to the potential “E” phase. This suggests that the market could still be in a corrective phase.
SUI might dip below $1, testing the macro accumulation zone before any significant recovery occurs.
This corrective phase could present an opportunity for long-term investors to accumulate SUI at lower levels. A price drop under $1 could precede the accumulation phase.
Then once the price stabilizes in this region, the longer-term bullish potential for SUI could come into play.
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Source: https://blockonomi.com/sui-price-consolidation-suggests-bullish-breakout-above-1-84/