Binance Coin (BNB) Surges Wildly as Sui (SUI) Gears Up: Price Analysis

On a current 40% wild surge, Binance Coin (BNB) is on a moon shot that is showing little sign of stopping. At the same time, Sui (SUI) is edging towards its own big breakout. Altcoins are breaking out, and these are just two of the front runners.

$BNB perpendicular surge

Source: TradingView

This particular move from $BNB is a sight to behold. Since getting above the long-time ascending trendline and confirming above, the price has been on a real tear. This surge is almost perpendicular, and so who knows how high it will go.

That said, the shorter-term momentum indicators are approaching their tops, and even the weekly is in oversold territory. Nevertheless, $BNB has the wind well and truly in its sails and it would be a brave soul who would even think to short this rocket ship.

$BNB targets

Source: TradingView

The weekly chart view gives possible price targets based on Fibonacci extension levels. These give the next target as $1,516, at the 2.618 Fibonacci, while the 3.618 Fibonacci level is at just over $2,000. 

If there is any kind of retracement from here, playing with trend lines reveals a possible pullback to $1,200. 

$SUI price in ascending channel

Source: TradingView

Zooming into the 4-hour chart for $SUI it can be noted that the price is currently within an ascending channel. While in itself this is not a bullish pattern, it could be capable of shepherding the price up to the major descending trendline.

One can see that the price recently bounced from the bottom of the channel, and that this corresponded with the shallowest of the Fibonacci levels at the 0.236.

$SUI all-time high breakout target

Source: TradingView

The daily chart for $SUI reveals that the price is at a very strong support level that has acted as support and resistance many times previously. If the bulls can push the price up to the trendline, it may get pushed back to the support level, but a breakout does look likely. This will very much depend on how Bitcoin reacts to its own possible breakout/rejection. 

The measured move out of the triangle pattern would take the $SUI price up to a new all-time high of $3,600, depending on where the potential breakout takes place.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.