Cryptocurrency SUI with ticker SUIUSD looks promising from technical perspective and by Elliott wave theory. After it broke all-time highs in an impulsive five-wave fashion at the beginning of 2024, we have seen a corrective decline that looks like a completed complex W-X-Y correction, especially if we consider current strong rebound back above channel resistance line. So, SUI can be actually back to bullish mode, but more gains can be expected after current wave (2) pullback, which can retest 0.80 – 0.60 support zone before a bullish resumption into wave (3) of a five-wave bullish cycle towards new all-time highs.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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