SUI price has seen an increase of 18 % over the past four days, and some analysts believe this is just the beginning. The chart began to show signs that a larger step may be on the horizon. One technical analyst, BitcoinsensusParticipate in an analysis using the Elliott wave theory that caught our attention. According to him, SUI is likely to complete a wave (1) and currently conclude the correction of the wave (2).
In simple phrases, Elliott Wave theory is planning price movements in five basic waves during the direction. If SUI already completed the first wave and close to the end of the correction, then the next wave – called the wave (3) – can be a strong gathering. This third wave is usually stronger, and based on standard Eliott accounts, it may reach between $ 7.50 and $ 8.00.
Bitcoinsensus also pointed out that the collapse of the disputed wedge pattern confirms the satisfaction of the SUI’s daily direction, which gives more weight to the upward state.
What SUI indicators say
To check this technical preparation, we searched in Investing.com to find out what the main indicators say about the SUI price.
Currently, the RSI Index sits in about 58.89, which means that sui is gaining momentum but has not yet been bought. It indicates that buying pressure is healthy and there is still room for growth.
the Stochastic oscillatorWhich are often possible signs, are at 48.83. This is a neutral area, which indicates that the market has not increased its temperature and there is a balance between buyers and sellers.
The MACD, which tracks momentum, is currently in a positive area at 0.041. This supports the “purchase” signal and corresponds to the last rise in the price.
the Average direction index (ADX) is 14.31, indicating that during the formation of the trend, it has not yet been established. However, since PRICE has recently separated from the pattern of spoiled, this may change quickly if the purchase continues.
Then there is a real average (ATR), which is 0.0422, indicating high fluctuations. For merchants, this means that large fluctuations can be on the way.
Finally, the final oscillator is 59.39, a slight “purchase” signal. It indicates the growing bullish momentum across short, medium and long -term prices.
What are the moving averages about the SUI price
All main moving averages are green. The simple moving average for 50 days (SMA) is $ 3.33, and the SIA moving average (EMA) is slightly higher at $ 3.35. Both indicate the continuation of the upward trend.
For MA 100 days, SMA is $ 3.27 and EMA at $ 3.30-both indicate that Sui is heading and attracts steady attention.
Even MA long -term for 200 days supports the upward issue, with SMA at $ 3.24 and EMA at $ 3.29. These readings tell us that the SUI’s broader market structure is launched.
Also read: Why was the SEC case just the beginning of XRP (real growth begins now)
Judging sui price: gathered to $ 8 on the table
Sui shows strong signs on the upward trend, both in price movement and technical indicators. With an affirmation of the theory of Elliott Wave, health pieces, many RSI and MACD purchase signals, and moving averages, can target the next next station. 7.50 dollars to 8.00 dollars It ranges.
If the momentum continues and the bitcoin is fixed, the Sui may soon complete the wave (2) withdrawal and explosion in the wave (3). The 2x transition is more realistic and more realistic.
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