The cryptocurrency market is experiencing a mild cooldown, and Sui (SUI) is demonstrating a similar pattern, indicating potential further declines.
Current Situation in SUI
Currently, Sui (SUI) is trading around $3.63, which is 4% lower compared to previous days. This decline has been occurring amid a slight cooling of the market, as Ethereum (ETH) touched $4,349 before correcting to $4,285.
Familiar Pattern and Signals
On the daily chart, SUI has been moving within a broad rising wedge, often linked with slowing bullish momentum and potential reversals. In the previous cycle, SUI showed strong gains following a bullish moving average crossover, propelling it to the wedge’s upper boundary. This was followed by a breakdown below the 25-day MA, leading to a sharp drop towards the 100-day MA. A similar situation is observed today.
Prospects for SUI
If the 100-day MA at $3.43 fails to hold, it would confirm the bearish pattern and potentially allow a slide to the wedge’s lower trendline near $2.80, representing a 22% drop from current levels. Conversely, if buyers manage to defend the 100-day MA and push above the 25-day MA, it would weaken the bearish outlook and could allow SUI to make a run toward the upper resistance of the wedge.
The current situation in Sui (SUI) is significant in the context of emerging familiar patterns in the market. Monitoring critical support and resistance levels will provide insights for more accurate predictions regarding the future behavior of this cryptocurrency.
