SUI is the native token of the Sui blockchain network which is a permissionless smart contract platform that uses the Move programming language. SUI tokens can be used to govern the network, pay for gas fees, and participate in staking. In today’s video bog, we’ll explore Elliott Wave pattern taking place within the daily cycle and explain the potential path based on the theory.
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 impulsive rally from 8/5/2024 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.
SUI Daily Chart 8.27.2024
Source: https://elliottwave-forecast.com/video-blog/sui-token-turn-higher/