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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.
Can this recovery overcome the recently heightened bearish pressure on its daily price trend? Let’s dive in.
$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.
$SUI Price Targets
For the $SUI rally to sustain, the Morning Star pattern must hold with a closing price above the 78.6% Fibonacci level at $4.19. If so, a retest of the previously broken trendline near the $5 psychological level is possible for $SUI.
On the downside, a continuation of the bearish trend could place further pressure on the 61.8% Fibonacci level at $3.46.
coindesk.com
u.today
