The crypto market is witnessing mixed signals for SUI’s price as it has declined by 7% over the past day, with two contrasting technical analyses emerging. One chart suggests a bullish breakout, while another points to a bearish head-and-shoulders pattern. Analysts and traders are monitoring price movements to determine the next trend.
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SUI Chart Analysis
A chart shared by crypto expert Lucky indicates that SUI’s price has bounced off a major support zone around $2.60 and broken above a descending trendline. The price action suggests a potential reversal, with a projected target above $5.00 if resistance levels at $3.99 and $5.29 are surpassed.
The accompanying tweet implies confidence in SUI’s potential for another upward move. Price analysis has gone in two different directions. Lucky thinks this dip is a great chance for people who missed out earlier. He expects SUI’s price to break upward from its downward channel, making new highs.
However, a second chart analysis, shared by veteran analyst Ali, presents a different perspective. The chart shows a Head and Shoulders pattern though, which usually means prices will fall. The price has already dropped below important support at $2.75-$2.78, confirming this bearish view.
Ali is warning that SUI’s price is breaking down, suggesting more drops ahead. If this continues, analysts think the price could fall to $2.50 or even down to $2.00-$2.20.
Key Levels to Watch For SUI Price
With these mixed signals, traders are watching key price levels. If SUI’s price gets back above $2.78 and pushes past $3.00-$3.20, the bearish pattern would be wrong, and we might see a bounce to $3.50. But if it stays below support, prices could keep dropping.
The market’s direction isn’t clear right now. Traders should watch trading volumes and price patterns before making any moves.
Read Also: XRP Price Breakdown Looming? Experts Predict a Drop to $1.65!
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