SUI - Next Target $3.17 🤨

SUI (Rank #52)

This is one that "..." would like an update on and would like to know "how to draw the vertical bar and copy and move it to measure the target price, in the case of cup and handle formation."

Firstly I always go to Fibonacci but Cup & Handle and other similar fractals are a simple way to get an approximate target.

Using Fibonacci I can take a 2 point reverse extension from the high of the first corrective area before it changes character and becomes more impulsive.

I then connect the second pivot to the base.

The following peak tops at the 1.786 overshoot ratio and so this indicates that this is a 1.618 Golden Window pivot and we can use this to extend further.

The next GW ratio band is the 2.272.

And as it appears to be breaking out here, that would be the next target @ $3.17.

So now using the Cup & Handle; this is not a method I use often as it is sometimes quite inaccurate but on this occasion; taking the base of the cup and the breakout level with the Price Range, I can then copy this and place the copied range on top of the previous range to get a target.

And it projects a target almost exactly the same as using Fibonacci.

There is still the possibility that there could be a shakeout in this area and it pull back into an extended correction; especially of Bitcoin were to wobble.

But it does look like a strong breakout and so the next target of $3.17 is likely to be hit.

So this is a reasonable momentum trade here for would could be a quick 60% reward.

I would say this is a risk profile 2 trade in this area as it appears to be quite a strong structure developing and its a large market cap coin 👍.