Following a recovery wave after Monday’s crypto market bloodbath,
#SUI is seeing a price reversal that now signals a potential recovery run toward $5.
As the total crypto market cap, excluding Bitcoin and Ethereum, reclaims a $1 trillion valuation, altcoins, including SUI, show signs of a V-shaped recovery. In this recovery, SUI has demonstrated a strong lower price rejection, indicating a return of bullish momentum.
SUI Price Trend
On the daily chart, SUI’s price trend shows five consecutive bearish candles, marking a price drop of nearly 17%, from $4.65 to $3.87. However, the sixth bearish attempt failed after a low of $3.49.
As the broader market bounced back, SUI’s price closed at $3.94, showing a 1.94% surge. The hammer candle now suggests the formation of a potential morning star pattern.
Currently, SUI is trading at $3.958 and looks ready to overcome the short-term pullback. The lower price rejection has managed to hold above the 100 EMA line, bouncing from the 61.8% Fibonacci level near $3.46.
The intraday recovery halted the decline in the RSI line before it reached the oversold zone. As the daily RSI takes a sideways shift, the recovery aims to delay a bearish crossover between the 20 and 50 EMA lines.
Therefore, the potential Morningstar pattern could prevent a sell signal from technical indicators.
#CryptoNewss SUI Price Chart