SUI confirms bullishness by breaking through reverse head and shoulder LUDA... target price is $3.89

The altcoin SUI has completed a bullish inverse head and short LUDA technical pattern, opening the door for an additional rally to $3.89.
On the 9th (local time), the SUI rebounded strongly from the 20-day exponential moving average (EMA, $2.92) and crossed the 50-day simple moving average (SMA, $3.08) on the 10th.
It broke through. This is technically interpreted as a signal of a medium-term uptrend reversal. On the 10th, Bitcoin hit a new all-time high, spreading a positive atmosphere throughout the market.
The SUI surged 11.3% in a day to $3.41. Currently, the 20-day EMA is sloping upwards and the RSI (Relative Strength Index) is in the bullish zone, strengthening buying.
If the SUI manages to consolidate above the 50-day SMA, a rally to $3.55 in the short term is possible.
However, if this uptrend breaks and the price drops below the 20-day EMA, it will be a signal that selling is still valid.
In this case, the price may correct to $2.64 and then to $2.29.
From a technical standpoint, a breakout of $3.08 would be a head and shoulders surge.
The upward breakout of the neckline of the pattern signals the start of a full-scale uptrend. The current slope of the moving averages also favors the buyers, but the RSI is showing signs of being overbought.
The fact that it has entered the range suggests a possible short-term correction. The key downside support is the neckline ($3.08). If a rebound occurs at this price range, the SUI can again rise to 3.
A rally to $50 and the pattern target of $3.89 is possible. However, this bullish outlook will be invalidated if the price again drops below the moving averages. In that case, the SUI
The SUI is currently at a critical technical turning point, and whether it can support the neckline will determine its mid- to long-term trend.
This will be the key to getting the right deal, Cointelegraph reported.