Amid growing volatility in the crypto market, #SUI struggles to maintain its price above the $4 psychological mark. This critical level serves as a key battleground for bulls and bears. After a bearish Sunday, SUI’s price is hovering around the $4 mark.
With a market cap of $12 billion, SUI remains the 15th largest cryptocurrency. However, the increasing bearish pressure signals the potential for a quick drop below the $4 level. Traders are cautious as this psychological threshold faces repeated tests.
SUI Price Analysis
In the 4-hour chart, the SUI price trend reveals an ongoing correction phase. The pullback forms an expanding channel pattern within two crucial zones. This pattern highlights the ongoing tug-of-war between buyers and sellers.
The demand zone lies just below the $3.50 mark, extending from $3.48 to $3.44. On the upside, the supply zone spans from $4.80 to $4.85. The current pullback phase has resulted in a nearly 18% drop 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 movement.
Additionally, the growing bearish pressure has caused a negative crossover between the 50 and 100 EMA lines. Currently, SUI’s price faces resistance from the trend line, struggling to break out to the upside. The rejection highlights the strength of the bearish forces at play.
SUI Price Chart
