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Sui (SUI) Price Prediction For February 5
After a sharp drop, Sui (SUI) has made a remarkable recovery and is poised for massive upside momentum due to its bullish price action on the four-hour timeframe. Data reveals that following a price decline of over 38%, the altcoin has surged more than 55%, recouping all losses.
With a recent surge of over 6% in the past 24 hours, SUI is currently trading near $3.76. This sudden price recovery may be attributed to its bullish cup and handle pattern formation, which could potentially lead to a breakout.
As per technical analysis, if the asset breaches the neckline of this bullish pattern and closes a four-hour candle above the $3.80 level, it’s possible that SUI could soar by 30% and reach the $5 level in the coming days. However, mild resistance is expected at the $4.20 level, where the 200 Exponential Moving Average (EMA) on the four-hour timeframe is forming, which might pose a hurdle to SUI’s upside rally.
Moreover, data from Coinglass shows that 64% of top SUI traders on Binance currently hold long positions, indicating strong bullish sentiment among traders. Additionally, exchanges worldwide have seen an outflow of over $45 million worth of SUI tokens in the past 48 hours, suggesting potential accumulation, which could fuel further upside momentum.
In light of this information, we are predicting a price surge for Sui (SUI) on February 5.
Source: coinpedia.org
