As the cryptocurrency market faces increasing volatility, SUI (SUI) is struggling to maintain its price above the critical $4 psychological level. This key support area has become a battleground for bulls and bears, with SUI’s price hovering around $4 after a bearish Sunday. Despite its strong position as the 15th largest cryptocurrency by market cap at $12 billion, the ongoing bearish pressure raises concerns about a potential drop below this significant threshold.
SUI Price Analysis
A closer look at the 4-hour chart reveals that SUI is currently in a correction phase. The price trend is forming an expanding channel pattern, a classic technical formation that signals a tug-of-war between buyers and sellers. This pattern highlights two key zones that traders are closely monitoring: the demand zone, which lies just below $3.50, between $3.48 and $3.44, and the supply zone, which spans from $4.80 to $4.85.
SUI’s price has dropped nearly 18% from its all-time high, and it is now testing the 200 EMA (Exponential Moving Average) line, a crucial support level that could determine the next price movement. Should the price fail to hold above this level, it could signal a deeper correction. Adding to the bearish sentiment, the negative crossover between the 50 and 100 EMA lines further underscores the growing pressure. With SUI facing resistance at the trend line, the altcoin is struggling to break out to the upside, reinforcing the dominance of bearish forces.
SUI Price Targets
Looking ahead, SUI’s price is likely to remain under pressure. If it fails to hold above the 200 EMA, the altcoin could retest the support trend line near $3.65, intensifying selling pressure and potentially deepening the correction. A failure to reclaim the $4 level could lead to further declines.
However, there is a glimmer of hope for bulls. If SUI manages to break out above the expanding channel pattern, it could challenge the overhead supply zone between $4.80 and $4.85. A decisive breakout could reignite bullish sentiment and provide traders with renewed optimism for future price gains.
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In conclusion, SUI’s battle to hold above the $4 mark remains critical as both bulls and bears fight for control. The next few days will likely determine whether SUI can regain its footing or if further bearish movements are imminent.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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