Key Insights:
- Repeating the Elliott wave pattern shows SUI may be forming its third major upward cycle.
- Falling wedge support holds strong as price nears the apex, signaling a potential breakout.
- MACD on the weekly chart nears a bullish cross, hinting at growing upside momentum.
A clear wave structure is forming on the SUI/USDT chart. Analysts point to a repeating five-wave rise followed by a three-wave pullback. This pattern, based on Elliott Wave principles, has played out twice before on the chart and appears to be forming again.
In the first move, SUI climbed more than 500% before dropping in a three-part correction. The second upward move gained over 1,000% before entering another pullback. The current structure suggests that the most recent correction may have ended. If price follows the same path again, a new five-wave rise could be starting.
Support Trendline Remains Intact
The weekly chart shows that SUI continues to respect a key support level. Price is moving inside a falling wedge pattern, with lower highs and higher lows forming a narrowing range. The bottom trendline has held multiple times, including during a sharp drop that saw a long wick hit the same zone.
JamesEastonUK commented, “Lower trendline continues to hold,” suggesting that the market is still defending this level. Traders watching this pattern often look for a breakout as price approaches the end of the wedge. A clean move above the top line would confirm a shift in trend.
Momentum Signal Close to Turning Positive
The MACD, a momentum tool, shows that the two lines are about to cross on the weekly timeframe. This setup often points to changing market direction. While the cross has not yet occurred, the lines are nearly touching. A confirmed crossover could support the idea that a new upward move is underway.
JamesEastonUK stated, “MACD is on the BRINK of a bullish cross,” reflecting what many are seeing on the chart. Traders often wait for confirmation before entering trades based on this signal.
Watch Levels and Current Price
Bitcoinsensus mentioned that SUI could reach $8 if the current structure follows the past two cycles. “If the pattern replicates, we can see $SUI hit upwards of 8$ per coin,” they noted. JamesEastonUK also marked a $10 target based on long-term structure, though that would require strong momentum and a confirmed breakout.
Source: Bitcoinsensus/XAt the time of writing, SUI trades near $1.40. It is down 1.72% in the past 24 hours and 4.72% over the last seven days. Trading volume stands above $565 million. All eyes remain on whether price can hold support and break above the wedge to start a fresh rally.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/sui-forms-classic-pattern/
