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Here’s Why SUI Could Surge to $2.99 After Wedge Breakout
SUI has finally broken the wedge formation, setting its sights on a new all-time high of $2.99. The cryptocurrency is currently trading at around $2.40, and if it can break above $2.50, we could see a 25% surge in price throughout April.
The recent formation of a falling wedge on SUI’s daily chart has been signaling an imminent breakout to the upside. This pattern usually takes place during downtrends but has been a precursor to explosive price moves, and it looks like that might be the case here.
The cryptocurrency has been stuck within the wedge for quite some time now, with its price action characterized by lower highs and higher lows, confirming the squeezing structure of the falling wedge. As SUI approaches the apex of the wedge, traders should be on high alert for a potential breakout above $2.50.
Should this occur, we could see a significant rise in momentum, driving the price towards the predicted target of $2.99. The upper trendline of the wedge has been acting as stiff resistance to upward movement so far, but once broken, it’s likely that SUI will experience a sharp and rapid price increase.
The timing of this breakout is crucial, as the cryptocurrency is now approaching the end of the wedge. This typically marks the beginning of wild price action in the market. A successful breakout above $2.50 would unleash a wave of buying pressure, potentially driving the price to new highs.
In conclusion, all technical indicators are currently aligned in favor of a bullish move. As SUI approaches this pivotal point, it’s essential that traders keep a close eye on their charts for any signs of a potential breakout.
Source: https://cryptonewsland.com/heres-why-sui-could-surge-to-2-99-after-wedge-breakout/
