- Altcoin broke down from ascending triangle during crash.
- An old support line has turned to resistance.
- Can SUI recover its bullish state and setup towards new TAH targets?
The crypto market continues to find its feet after the brutal $20 billion market liquidation that occurred late last week. Now, reputed crypto analysts are trying to read any and every market signal to figure out what will play out next. Altcoin SUI broke down from ascending triangle during crash. This led to a previous support line acting as resistance, a rejection here could lead to a major bearish drop.
SUI Broke Down From Ascending Triangle During Crash
Last week, the price of Bitcoin (BTC), the pioneer crypto asset fell from $121,000 to $104,000, leading to a huge market liquidation event. A total of $20 billion was wiped out from the crypto market, including nearly all long and leverage trader for altcoins as well. The price of the pioneer altcoin Ethereum (ETH) fell to lower prices as well, and one altocin even fell to zero.
While even popular altcoin prices like ADA, XRP, ATOM, and SUI fell drastically in prices, most of these assets, especially Ripple’s XRP recovered over 50% of its drop. This is significant, as most of these altcoins fell between 50% – 90% during the liquidation event. While many altcoins have already recovered, a few altcoins are facing major hurdles with old support lines having turned to resistances.
As we can see from the post above, one such altcoin facing support to resistance issues in the popular altcoin SUI. To highlight, SUI was one of the only few handful of altcoins that went on to set new ATH prices. In detail, SUI set a new ATH price long before ETH set its first ATH this bull cycle. Now, SUI seems to be facing a major hurdle, one that could lead to a heavy fall, as the image in the post depicts.
Rejection Could Send Altcoin Tumbling to Bearish Drop
To elaborate, Lark Davis, the reputed crypto analyst, trader, and industry expert highlights how the altcoin SUI broke down from the ascending triangle in the flash crash. He then sheds light on how that old support trendline is now acting as resistance and if SUI reclaims that line and gets back inside the ascending triangle then the bullish setup will resume. In contrast, if SUI gets rejected again, that would likely mean a deeper bleed is ahead.
In a previous post, Lark Davis went on to share that the altseason peak phase was still very much in play and that the bullish structure for Ethereum (ETH) remained. All analysts have made it clear that altcoin prices would not run unless ETH price runs first. Thus, if the price of ETH continues to stay bullish and hit new ATH prices, it is likely that other altcoin prices will pump as well. Lark Davis highlights that a $7,000 ETH ATH price is near.
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