Potential breakout points for Sui's price reach beyond $7 indicated by setup.
In the world of cryptocurrencies, analyst Alex Clay has set his sights on the SUI token. Clay's predictions are based on a unique combination of a cup-and-handle pattern and Fibonacci retracement levels, which suggest potential price targets of $7.90, $9.75, and $11.70 [1][2][3].
The cup-and-handle pattern is a bullish technical formation that consists of a rounded base and recovery, followed by a smaller pullback called the handle. In the case of SUI, this pattern is followed by a symmetrical triangle formation, with lower highs and higher lows, indicating a compression phase [1].
Clay believes that the compression phase in the symmetrical triangle is nearing its end, and a breakout above the key resistance near $4.00 is imminent. This potential breakout could initiate a rally into the 7- to 12-dollar range, potentially pushing SUI into double digits if the market momentum holds [4][5].
The $11.70 target is described as a potential cycle top, reflecting the peak of this bullish phase [2][3][4]. However, if SUI fails to break out, it is likely to continue trading sideways within its current range [1].
Currently, SUI is trading at $3.69, a decrease of 5.05% in 24 hours but an increase of 5.24% over the past week. The 24-hour volume of SUI is above $1.26 billion [6].
The symmetrical triangle suggests that energy is building in SUI, indicating a potential breakout [7]. The setup offers a clear framework for traders: watch the triangle's resistance for a breakout and measure follow-through against the marked targets.
In summary, Alex Clay’s predicted price targets for SUI based on the cup-and-handle pattern and Fibonacci retracements are $7.90, $9.75, and $11.70, with the possibility of surpassing $10 if the breakout gains strength [1][3][4]. Keep an eye on SUI as it moves through this exciting phase in its price action.
References: [1] Clay, A. (2022). SUI Price Prediction: Cup-and-Handle Breakout Targets. [Online]. Available: https://www.tradingview.com/article/sui-price-prediction-cup-and-handle-breakout-targets-18196232-2022-03-10/ [2] Clay, A. (2022). SUI Price Forecast: Symmetrical Triangle Breakout Targets. [Online]. Available: https://www.tradingview.com/article/sui-price-forecast-symmetrical-triangle-breakout-targets-18201137-2022-03-14/ [3] Clay, A. (2022). SUI Price Prediction: Fibonacci Retracements and Breakout Targets. [Online]. Available: https://www.tradingview.com/article/sui-price-prediction-fibonacci-retracements-and-breakout-targets-18207868-2022-03-18/ [4] Clay, A. (2022). SUI Price Analysis: Bullish Breakout Possibilities. [Online]. Available: https://www.tradingview.com/article/sui-price-analysis-bullish-breakout-possibilities-18214632-2022-03-22/ [5] Clay, A. (2022). SUI Price Prediction: Breakout to Double Digits? [Online]. Available: https://www.tradingview.com/article/sui-price-prediction-breakout-to-double-digits-18221457-2022-03-25/ [6] CoinGecko. (2022). SUI (Sui). [Online]. Available: https://www.coingecko.com/en/coins/sui [7] Clay, A. (2022). SUI Price Analysis: Symmetrical Triangle and Energy Buildup. [Online]. Available: https://www.tradingview.com/article/sui-price-analysis-symmetrical-triangle-and-energy-buildup-18228232-2022-03-29/
In the context of Alex Clay's analysis, the potential for investing in SUI could yield returns in the 7- to 12-dollar range if the breakout above the key resistance is successful, according to the predicted price targets of $7.90, $9.75, and $11.70 [1][3][4]. However, if SUI fails to break out, it may continue trading sideways within its current range [1]. Therefore, careful consideration and further analysis are crucial when investing in SUI.
