SUI Price To $7? Analyst Predicts Altcoin’s Path To New ATH
After a powerful begin in August, the SUI worth struggled to construct on its momentum within the second half of the month. The altcoin’s worth crashed from a neighborhood high of above $4.1, reaching round $3.2 to start out the brand new month of September.
However, the SUI worth appears to have discovered a brand new lease on life up to now week, growing by over 4% within the final seven days. Interestingly, the SUI token seems to solely be firstly of what could possibly be a journey to a new all-time high.
Analyst Predicts SUI To Grow 110% Based On Chart Pattern
In a September 5 publish on social media platform X, distinguished crypto analyst Ali Martinez shared that it is likely to be time for buyers to start out loading their baggage with SUI tokens. According to the net pundit, the SUI worth simply bounced again from a degree that might see journey to a brand new high round $7.
This prediction relies on the looks of an ascending triangle sample on the every day Bitcoin chart. The ascending triangle is a technical evaluation sample that options an inverse right-angled triangle with a horizontal higher boundary (connecting a collection of decrease highs) and a diagonal rising decrease trendline (connecting the swing lows).
An ascending triangle formation is usually thought-about a bullish chart sample, signaling the continuation of the preliminary upward development. Nevertheless, this chart sample can be seen as a development reversal sample and a bearish signal—often when the asset’s worth breaches beneath the decrease trendline and in the other way of the preliminary uptrend.
As proven within the highlighted chart, the SUI worth did make a transfer for the decrease trendline earlier than bouncing again across the $3.1 degree. The altcoin, which seemingly discovered a significant assist round this worth degree, looks set to break the higher horizontal trendline of the triangle.
While Martinez nonetheless expects the SUI worth to retest the decrease trendline yet another time earlier than breaking out of this sample, the ultimate goal for the altcoin is ready across the $7 mark. The worth goal for an ascending triangle sample is often calculated by including the vertical distance between the horizontal and decrease trendlines to the breakout level.
Going by this methodology, Martinez places the goal for the SUI at over 110% from the present worth level and 30% from the all-time high of $5.8.
SUI Price At A Glance
As of this writing, the value of SUI stands at round $3.38, reflecting an over 2% soar up to now 24 hours.
