- SUI’s falling wedge mark indicates a possible breakout as the price nears key support.
- The MACD shows a bearish trend, while the RSI hovers near oversold levels.
- A breakout above $3.00 could signal a transformation, while $2.50 remains critical support.
Sui has formed a falling wedge pattern on the daily chart, signaling a potential price movement. The asset recently tested a critical support zone, aligning with the yearly exponential moving average (EMA) and the 0.618 Fibonacci retracement level. This confluence of technical factors could influence its next price direction.
Falling Wedge Pattern Indicates Possible Breakout
The falling wedge pattern consists of downward-sloping trendlines converging as price action narrows. This pattern often appears before a breakout, with decreasing volume indicating a loss of selling pressure. If SUI moves above the resistance line, a sharp upward move could follow.
Analysis by Crypto Bullet shows a descending wedge pattern has been forming over recent months. The price declined from a peak near $5.00 and reached the wedge’s lower boundary. The observation indicates a bounce at the 365-day EMA, near the 0.618 Fibonacci retracement level.
A breakout above the wedge could push the price toward $4.50. If the support fails, further declines may occur. The green arrow points toward a potential upward move after this consolidation phase. The trend remains within technical levels.
Current Market Insights
According to TradingView data, SUI displays a MACD with a negative histogram at -0.0098, alongside the MACD line at -0.2385 and the signal line at -0.2287. This indicates a bearish momentum, suggesting the price may continue declining. The RSI is at 40.04, hovering near the oversold zone of 30, showing weak buying strength.
If RSI dips below 30, selling pressure could increase. However, a rebound above 50 might signal recovery. The price at $2.59 struggles to gain momentum. A drop below $2.50 may confirm further losses, while a breakout above $3.00 could shift sentiment positively.
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