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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Breakout In Sight? SUI Set To Test Crucial $3.5 Resistance With ATH In View

Semilore Faleti
Semilore Faleti
4 months ago
2 mins read
SUI

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Popular market analyst Ted Pillows has tipped Sui (SUI) for an impending price breakout. Notably, the prominent altcoin has recorded a steady price decline in the past month with an estimated loss of 17.18% within this period. However, Pillows notes the formation of a bullish pattern which indicates substantial market relief ahead.

Related Reading: SUI Rally At Risk? Analysts Warn Of 30% Dip If This Level Doesn’t Hold

SUI Gathers Momentum Ahead Of Showdown With Resistance

In an X post on June 7, Pillows shares a positive insight into the SUI market despite a sustained downtrend throughout May and early June. The analyst notes that SUI appears to hit local bottom within the $2.8-$3.0 following a slight rebound in the past 48 hours. 

Interestingly, this recent price action could signal market reversal especially considering the formation of a bullish descending wedge pattern on the SUI daily chart. For context, the descending wedge is a classic bullish reversal pattern marked by two converging trend lines sloping downward as seen in the chart below. The price action within the wedge which typically consists of lower highs and lower lows but the decreasing slope of the lows signal a weakening bearish pressure.

SUI
Source: @TedPillows on X

Considering the rebound from the $2.8 which represents the lower boundary of the descending wedge and the narrowing of both trend lines, Pillows postulates SUI is preparing for a major upside price breakout. However, the altcoin must overcome a crucial resistance at $3.5 price level which represents the upper boundary of the descending wedge pattern. Pillows explains that a successful daily price close above $3.5 is likely to trigger a robust buying pressure that could force a SUI market rally for the next 2-3 weeks leading to a new all-time high. 

Based on the analysis presented, initial price targets are set at $4.00 indicating an instant return to the peak price region in May. However, with Pillows’ analysis hinting at a new all-time high, investors should expect any potential price breakout to hit a minimum price target of $5.21 representing a 60.8% gain on present market prices.

Related Reading

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SUI Price Overview

At the time of writing, SUI trades at $3.23 representing a 2.33% gain in the past day. However, weekly and monthly losses of 1.01% and 17.10%, respectively suggests the altcoin still has ground to make up. Nevertheless, SUI remains one of the best performing tokens of the present market cycle with potential star of the altseason considering its 211.11% in the last year. 

SUI
SUI trading at $3.2366 on the daily chart | Source: SUIUSDT chart on Tradingview.com
Featured image from Binance Academy, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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