Will SUI price break above $5 as bulls prepare to challenge the overhead trendline on the 4-hour chart?
The SUI token is up 4.24% in the last 24 hours and reached the psychological mark of $4.50. With a market cap of $13.24 billion, the recovery points to a possible bull market before the end of 2024.
Will this recovery lead to a price jump above the $5 mark? Let’s find out.
SUI price analysis
Currently, the SUI token is trading at $4.5370, with an intraday decline of 3.66%. This marks bearish exhaustion following the 9% recovery overnight. Last night’s rise created a bullish engulfing candle that completed a morning star pattern.
This resulted in a 24-hour high of $4.75. On the 4-hour price chart, the SUI token is showing bullish dominance at the local support trendline, resulting in two consecutive engulfing candles.
The recovery run broke the 50% Fibonacci level but failed to maintain bullish dominance. With three consecutive bearish candles, the minor intraday pullback results in a triple Black Crow setup.
This breaks the 50% Fibonacci level and is on track to challenge the 50 EMA line at $4.42. Additionally, it threatens the psychological level of $4.50 and warns of another retest of the local support trend line.
SUI Network reaches a TVL of almost $2 billion
During the overnight rally, the SUI network surpassed the total valuation of $1.75 billion set this month. It currently stands at $1.782 billion, up 12% in the last 30 days.
SUI’s stablecoin market cap is approaching $400 million and currently stands at $388.72 million. Now the…
