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Will the price of $SUI hold above $4 to avoid a breakdown toward the $3.50 demand zone?
Amid growing volatility in the crypto market, $SUI struggles to maintain its price above the $4 psychological mark. This critical level serves as a key battleground for bulls and bears. After a bearish Sunday, $SUI’s price is hovering around the $4 mark.
With a market cap of $12 billion, $SUI remains the 15th largest cryptocurrency. However, the increasing bearish pressure signals the potential for a quick drop below the $4 level. Traders are cautious as this psychological threshold faces repeated tests.
$SUI Price Analysis
In the 4-hour chart, the $SUI price trend reveals an ongoing correction phase. The pullback forms an expanding channel pattern within two crucial zones. This pattern highlights the ongoing tug-of-war between buyers and sellers.
The demand zone lies just below the $3.50 mark, extending from $3.48 to $3.44. On the upside, the supply zone spans from $4.80 to $4.85. The current pullback phase has resulted in a nearly 18% drop from the all-time high. Now, $SUI is testing the 200 EMA line. This key support level could play a crucial role in determining the next price movement.
Additionally, the growing bearish pressure has caused a negative crossover between the 50 and 100 EMA lines. Currently, $SUI’s price faces resistance from the trend line, struggling to break out to the upside. The rejection highlights the strength of the bearish forces at play.
$SUI Price Targets
With the price rejecting higher levels, the altcoin will likely close below the 200 EMA line, increasing the likelihood of a retest of the support trend line near the $3.65 mark. Such a move could attract further selling pressure, deepening the correction.
On the bullish side, a breakout above the expanding channel pattern could challenge the overhead supply zone. A decisive breakout here may reignite optimism among traders.