$SUI Price Analysis - CoinPedia Analytics

After an impressive rally of over 400%, taking the SUI token from $0.46 to $2.36 between August and October, the asset is experiencing a notable pullback. Currently trading at $1.8835, SUI has declined nearly 20% in the last three weeks, despite a brief recovery of 10.98% last week. This upward momentum was short-lived, as a recent 3.24% intraday drop keeps prices below the crucial $2.00 psychological barrier.

The daily chart reveals a support trend line under pressure from persistent bearish trends. The dynamic support provided by the 50-day EMA could act as a cushion for a potential reversal. A triangle pattern is forming, with the pullback intensifying pressure on the 78.60% Fibonacci level at $1.74. However, a bullish divergence in the RSI suggests a potential recovery if the broader market stabilizes.

Should SUI fall below the support line, watch for potential bounces at the 61.80% and 50% Fibonacci levels around $1.48 and $1.30.