bullish

The post <a href="https://coinpedia.org/price-analysis/with-a-breakout-run-sui-price-aims-a-100-hike-to-hit-2/">With A Breakout Run, SUI Price Aims A 100% Hike To Hit $2!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
With a bullish recovery in the crypto market, the altcoins market cap is close to hitting the $900M valuation. Amid the rising appetite of investors, altcoins are skyrocketing with growing upside potential. SUI, a prospective Solana-killer, projects a possible price jump of 2x ahead. So, should you consider buying SUI this week? 
<h2 class="wp-block-heading" id="h-sui-at-0-90-hits-crucial-crossroads">SUI At $0.90, Hits Crucial Crossroads</h2> 
The SUI token’s price action displays a falling channel pattern on the daily chart. However, early August saw a strong recovery, boosting the SUI price by 90% in just a week, leading to a breakout from the falling channel.&nbsp; 
The bullish rally propelled the token from the $0.53 support level to the 50% Fibonacci retracement level at the psychological $1 mark. Following this surge, the SUI token experienced a pullback, potentially retesting the breakout level as it touched $0.80.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="509" src="https://image.coinpedia.org/wp-content/uploads/2024/08/20163531/Sui-Price-Analysis-20th-Aug-1024x509.png" alt="Sui Price Analysis" class="wp-image-340531" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/20163531/Sui-Price-Analysis-20th-Aug-1024x509.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/20163531/Sui-Price-Analysis-20th-Aug-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/20163531/Sui-Price-Analysis-20th-Aug-768x381.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/20163531/Sui-Price-Analysis-20th-Aug-1536x763.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/20163531/Sui-Price-Analysis-20th-Aug-150x75.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/20163531/Sui-Price-Analysis-20th-Aug.png 1802w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Sui Price Analysis for 20th Aug
 </figcaption>
</figure> 
Despite this pullback, the SUI price quickly rebounded with a 9.34% jump last night, forming a bullish engulfing candle. Further, the post-retest reversal in the altcoin teases a potential bull run ahead.&nbsp; 
However, the quick loss of momentum triggers a warning for buyers. Currently, SUI trades at $0.90, showing a slight intraday movement of 0.26%, forming a doji candle. 
Technical Indicators: 
MACD: The MACD indicator shows that the MACD and signal lines narrowly avoided a bearish crossover.&nbsp; 
Relative Strength Index: The daily RSI line bounced back from the halfway mark, remaining above the 14-day moving average. 
<h2 class="wp-block-heading" id="will-sui-price-hit-2">Will SUI Price Hit $2?</h2> 
According to the Fibonacci retracement, the current SUI price is near the 38.20% level, placing it at a crucial juncture. The breakout of the $1 psychological resistance will determine whether the uptrend continues in the altcoin. 
If successful, this breakout could propel <a href="https://coinpedia.org/price-prediction/sui-price-prediction/">SUI price</a> to its all-time high of $2, resulting in a 100% surge post-breakout. On the downside, a bearish continuation would target the 23.60% Fibonacci level at $0.73.

With A Breakout Run, SUI Price Aims A 100% Hike To Hit $2!

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