SUI Cryptocurrency Poised for 90% Upswing After Bullish Reversal

SUI, a prominent cryptocurrency, is currently trading within a defined range, with immediate resistance near $3.5 and key support around $3. A decisive breakout above the resistance level could trigger a short-term rally toward $5, while a drop below the support level may open the door for a correction to lower levels.

The SUI price recently triggered a strong reversal before the daily close, pushing the levels back within the bullish zone. The token had entered a phase of tightening price action, hinting at a potential breakout or breakdown. In times of uncertain broader market sentiments, the current reversal presents a compelling case for the bulls. However, a continued upswing above the key ranges could validate a rise to $3.75 or levels above.

The token is demonstrating significant strength as it reversed the bearish pattern of a head and shoulders (H&S), which was speculated to drag the levels below $2.5. With this, the token continues to demonstrate a potential of a 90% upswing that could elevate the levels towards new highs. In the short term, the bulls appear poised to push the price above $5 as the token is poised to validate a ‘Golden Cross.’

The rebound from the local support hinted towards the growing dominance of the bulls; moreover, the bullish crossover of the 50/200 moving averages (MAs) validated the bullish claim. The previous Golden cross resulted in a 350% rise, which helped the SUI price to form a new all-time high (ATH) around $5.3. Hence, a similar price action is expected. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a drop in selling pressure, being within the bullish range, while the other indicators raise some concerns.

The Relative Strength Index (RSI) is hovering around 44.83 and is about to rise above the RSI-based moving average. If it rises above the range, it could validate a bullish continuation, while the drop in Chaikin Money Flow (CMF) levels points towards bearish continuation, as it hints towards a decrease in the money flow onto the platform. Only if the levels rise back above 0 can a bullish continuation occur. For this, the SUI price is expected to secure the levels above $3.5, which may push the price to $4.

Therefore, the SUI price prediction in the long term is bullish, but the short-term forecast remains uncertain. Investors and traders are closely monitoring these key levels, as a breakout above these resistance points could signal a new phase of growth for SUI. The cryptocurrency has already shown strong performance in recent months, and the formation of the golden cross adds to the bullish sentiment surrounding the asset.