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Bitcoin (BTC) reached a new all-time high on Thursday, and Bhavna rubbed the select ultcoin. One such Altcoin is Sui (SUI), which reached from 11.3% to $ 3.41.
Can the needle walk upwards? Let’s analyze the chart to know.
Needle price prediction
The SUI on Wednesday rapidly increased the 20-day experimental moving average (EMA) ($ 2.92) and broke above the 50-day simple moving average (SMA) ($ 3.08) on Thursday.
The 20-day EMA is trying to turn on, and the relative power index (RSI) has jumped into the positive field, showing that the bulls are back into the game. If buyers maintain the price above the 50-day SMA, the SUI/USDT pair may climb to $ 3.55.
Unlike this notion, if the price decreases and breaks below the 20-day EMA, it indicates that bears continue to sell on rallies. The pair can then land up to $ 2.64 and later to $ 2.29.
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The pair completed a bullish inverted head and shoulder pattern near the level of $ 3.08. Although the appendicoping moving averages indicate a profit to buyers, overbott levels on RSI suggest that a pullback may be around the corner. The neckline is important support for the negative side to look out. If the value is away from the neckline, the pair may rally for a pattern target of $ 3.50 and later $ 3.89.
This optimistic approach will be rejected in the near period if the price decreases and falls below the moving average. This pair can drown up to $ 2.80 and then up to $ 2.60.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
