After an impressive 20% surge, the big question now is whether Sui price is primed to hit the $5 mark. An analyst has projected that Sui is in the middle of the third impulse buying Elliot wave that could send the price to $5 when it tops out. This recent surge in price has brought back excitement among Sui investors, who were keenly watching for signs of continued growth.
Why Is Sui Price Up Today?
The price of SUI has increased 7.8% in the last 24 hours, a 16% increase from October 28, when the asset hit a month-low of $1.59. SUI is trading at $1.85 after outperforming BTC, which gained 3.8% against it.
SUI/USDT Price Chart
Sui is rising because of the recent surge in the price of Bitcoin, which saw the number one crypto asset break above $70,000. This much-awaited move has the entire crypto space abuzz with speculation of higher prices, especially as we approach the crypto-centered U.S. elections this coming week.
Is Sui Ready To Hit $5?
Crypto analyst Decode has forecasted that the next target for SUI price is $5. His prediction is based on the Elliot Wave theory, which suggests that prices move in repetitive wave patterns, which are influenced by changes in investor sentiment.
Sui missed the 2.618 Fibonacci extension zone when it hit a new all-time high and retraced due to profit taking. However, the correction has completed a smaller wave 4 and is ready to embark on the last wave that could propel it to $5.22.
With analysts calling for $300,000 BTC, Sui investors should be prepared to cash out big time, as previous data has shown that the asset tends to outrun Bitcoin.
Sui Eyes $5 But Must Beat This Obstacles First
Sui is eyeing about 150% gains from its current price of $5. However, the cryptocurrency must overcome certain key obstacles for it to succeed.
Price action is trending below the 50-day exponential moving average (EMA) which has suppressed the price for the last 1 week. Despite the 20% jump, the crypto asset is still trading inside a falling channel.
These obstacles could keep the price from attaining the $5 mark. However, the recent jump was accompanied by a huge boost in volume. Coingecko data shows the 24-hour trading volume soared by 134%. This is the highest volume has recorded in the last 2 weeks.
With such volume confirmation, it is possible SUI price could break above the channel and the 50 EMA to test the next major resistance, $2.36. This would market a 28% additional gains from the current price. If the asset breaks its previous ATH, it would be in price discovery and could surge to $5 within a week or two.
Sui Price Analysis Chart
The invalidation thesis for this bullish scenario is if bears push price below $1.59. This would effectively cause a breakdown from the falling channel, changing the outlook from bullish to bearish.
The post After Soaring 20%, Is Sui Price Ready to Hit $5 By December? appeared first on CoinGape.
