SUI’s proximity to this support level raises concerns about its
As October came to a close, the crypto market experienced a sharp correction, driven by Bitcoin's fall below the $70,000 threshold. Most cryptocurrencies faced significant declines during this period.
SUI, the native token of the Sui Network, mirrored the broader market trend, initially rising with Bitcoin before following its downward trajectory. Many believe that as long as Bitcoin remains above $69,000, the overall outlook for the crypto market will remain bullish.
An analyst recently shared a 4-hour chart on X, identifying a flag and pole pattern, and asserted that a breakout above $2.05 could trigger a substantial rally toward the previous all-time high.
x.com/AMCryptoAlex/status/1852310114968944824
On the daily chart, SUI is currently trading just above its 20-day exponential moving average (EMA), which acts as critical support at $1.94. This EMA, representing the asset's average price over the last 20 trading days, typically indicates an uptrend when prices are above it.
However, SUI’s proximity to this support level raises concerns about its strength. A decisive drop below the 20-day EMA could signal a shift to short-term bearish momentum, suggesting the uptrend may be losing steam.
If the bulls cannot maintain support, the price could decline to $1.64, with further drops potentially bringing it down to $0.91. On the other hand, if the support at $1.94 holds, it could set the stage for SUI to reclaim its all-time high of $2.36.
SUI, the native token of the Sui Network, mirrored the broader market trend, initially rising with Bitcoin before following its downward trajectory. Many believe that as long as Bitcoin remains above $69,000, the overall outlook for the crypto market will remain bullish.
An analyst recently shared a 4-hour chart on X, identifying a flag and pole pattern, and asserted that a breakout above $2.05 could trigger a substantial rally toward the previous all-time high.
x.com/AMCryptoAlex/status/1852310114968944824
On the daily chart, SUI is currently trading just above its 20-day exponential moving average (EMA), which acts as critical support at $1.94. This EMA, representing the asset's average price over the last 20 trading days, typically indicates an uptrend when prices are above it.
However, SUI’s proximity to this support level raises concerns about its strength. A decisive drop below the 20-day EMA could signal a shift to short-term bearish momentum, suggesting the uptrend may be losing steam.
If the bulls cannot maintain support, the price could decline to $1.64, with further drops potentially bringing it down to $0.91. On the other hand, if the support at $1.94 holds, it could set the stage for SUI to reclaim its all-time high of $2.36.
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