Will SUI price stay above $4 to avoid a crash towards the $3.50 demand zone?
With increasing volatility in the crypto market, SUI is finding it difficult to maintain its price above the psychological $4 mark. This critical level serves as a crucial battleground for bulls and bears. After a bearish Sunday, the price of SUI is hovering around the $4 mark.
With a market cap of $12 billion, SUI remains the 15th largest cryptocurrency. However, increasing bearish pressure suggests the possibility of a quick decline below the $4 mark. Traders are cautious as this psychological threshold is constantly being tested.
SUI price analysis
In the 4-hour chart, the SUI price trend shows an ongoing correction phase. The pullback forms an expanding channel pattern within two crucial zones. This pattern illustrates the ongoing tug of war between buyers and sellers.
The demand zone is just below the $3.50 level and ranges from $3.48 to $3.44. On the upside, the supply zone is between $4.80 and $4.85. The current pullback has resulted in a decline of almost 18% from the all-time high. Now SUI is testing the 200 EMA line. This key support level could play a crucial role in determining the next price move.
Furthermore, growing bearish pressure has resulted in a negative crossover between the 50 and 100 EMA lines. Currently, SUI price is facing resistance from the trendline and is struggling to break out higher. The rejection highlights the strength of the bearish forces at play.
SUI price targets
As price rejects higher levels, the altcoin is likely to close below the 200-EMA line, increasing the chances of a retest of the support trendline…
