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Will the price of SUI retest the $2 mark as buyers fail to surpass the 50-day EMA line?
As Bitcoin drops 2.37% today, altcoins are experiencing an intense pullback. The SUI token has recorded an intraday pullback of 6.61% and is currently trading at $2.5938.
This undermines yesterday’s recovery of 6.11% and raises concerns of a potential breakdown below the $2.5 psychological support. Could this lead to another retest of the $2 mark?
SUI Wedge Breakout Rally Hits a Hiccup
On the daily chart, the SUI price action showed a bullish breakout from a falling wedge pattern. This marked a quick turnaround from the $2 support level, resulting in a 33% price recovery over 16 days.
However, the bullish recovery struggled to overcome the dynamic resistance of the 50-day exponential moving average (EMA), leading to an intraday pullback of 6.11% and forming a bearish engulfing candle.
This ends the streak of six consecutive bullish candles on the daily chart. Due to the prevailing bearish trend within the falling wedge pattern, the 50-day and 200-day EMA lines have formed a death cross. Additionally, the bearish influence warns of a potential negative crossover between the 100-day and 200-day EMA lines.
However, the short-term breakout rally has resulted in a positive crossover in the MACD and signal lines. As a result, the technical indicators show a diverging outlook, signaling increased uncertainty in the SUI price trend.
Analysts Remain Optimistic, Target $2.88
Despite the minor intraday pullback, crypto analyst Javon Marks highlights the possibility of a bullish comeback for SUI. Marks points to a hidden bullish divergence in the SUI price trend on the two-day timeframe.
While the SUI price trend maintains a higher-high formation, the two-day RSI line has remained stagnant at similar levels, indicating potential for a new bullish wave. According to the analyst, there is a strong possibility of a bullish reversal.
$SUI has just recently confirmed a Hidden Bullish Divergence Pattern and the strength being shown could only be the start of the next wave!
With this pattern suggesting the pullback from the $5 areas to be temporary, prices can be ready to nearly 2X to return there and higher… pic.twitter.com/Dgt47xwLtq
— JAVON⚡️MARKS (@JavonTM1) March 27, 2025
Furthermore, analyst Ali Martinez anticipates a continuation of the bullish trend on the weekly timeframe. Martinez highlights the next critical price targets for SUI at $2.88 and $3.25, derived from Fibonacci levels on the weekly chart. The analyst also notes a 25% surge following a timely buy signal from the TD Sequential Indicator.
$SUI surged 25% after a timely TD Sequential buy signal. If this bullish momentum continues, $2.88 and $3.25 are the next key levels. pic.twitter.com/XChKo8j23g
— Ali (@ali_charts) March 28, 2025