SUI ended correction and ready for new bullish cycle
|SUI is a high-performance Layer 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure, and accessible. In today’s article, we’ll explore the daily Elliott Wave structure for its native token and explain the potential bullish outcome after the recent correction.
SUI lost 78% of it’s value since March 2024. The coin declined 4 months in a row until it found a bottom on 5Th of August 2024. The move from the peak unfolded within 3 waves and it formed a corrective Elliott Wave structure called ZigZag. This type of correction is followed by a reversal in trend and SUI in this case is proposed to have ended a wave ((2)) pullback therefore it’s expected to resume the rally to the upside within a wave ((3)).
The recent +140% rally from August low confirmed that correction has ended. Consequently, SUI either started the new cycle to the upside or at least it will be looking for a larger 3 waves bounce against $2.18$ peak. As long as the short term pullbacks stays above $0.4625 then the coin is expected to see further upside within it’s daily cycle. Traders are recommended to look for a short term bullish sequence then they can start buying pullbacks in 3 , 7 or 11 swings.
Elliott Wave ZigZag structure
SUI Daily chart 8.20.2024
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.