Altcoins News
By Maheen Hernandez
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The Inverse Head and Shoulders Pattern. The inverse head and shoulders pattern that is forming on SUI’s price chart is a classic indicator…
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Bearish Momentum and Short-Term Outlook. At the time of writing, SUI is trading at $2.22, down 8.
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Liquidation Data and Market Sentiment. Liquidation data further emphasizes the ongoing dominance of the bears.
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Conclusion: Waiting for Confirmation. SUI is currently under strong bearish momentum despite the potential bullish reversal indicated by…
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Sui (SUI) has been facing significant challenges as it attempts to reverse its recent downtrend.
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The key to confirming the pattern, however, is for SUI to break and hold above the $2.52 neckline.
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At the time of writing, SUI is trading at $2.22, down 8.73% in the past 24 hours, indicating that sellers are still firmly in control of the market.
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Moreover, Fibonacci retracement levels reveal a significant support zone between $2.16 and $2.22, which SUI is currently testing.
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Liquidation data further emphasizes the ongoing dominance of the bears. On April 3rd, long liquidations on SUI hit $1.
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The OI-Weighted Funding Rate, another key market indicator, recently turned slightly negative at -0.0056%.
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While there is potential for a bullish reversal, confirmation above $2.52 is essential for the market to turn in favor of the bulls.
The Currency Analytics
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