The cryptocurrency market entered the second week of April with a jolt of volatility as the global tariff war escalated. As a result, the Bitcoin price plunged below $80,000 and accelerated bearish momentum in most major altcoins like SUI.
The SUI price is currently seeking support at a multi-month trendline of a falling wedge pattern, indicating a pivot level for its investors.
Key Highlights:
- A falling wedge pattern drives the current correction in the SUI price.
- The 100-and-200-day EMA slope coinciding with the $2.82 level has created firm resistance against market buyers.
- A bullish divergence in the daily RSI slope hints at a potential reversal ahead.
SUI Price Seeks Support at Wedge Support After 28% Drop
SUI price analysis of the daily chart shows a V-top reversal from $2.83 to the current trading value of $2.01, registering a 28% loss. This downward reversal pulled the price below the 20-day EMA slope again, signaling a sell-the-bounce sentiment intact among traders.
Earlier today, the falling SUI price recorded over a 10% loss and breached the support trendline of the falling wedge pattern. Since mid-November 2024, the pattern support trendline has acted as a major accumulation zone for buyers as the previous reversal led to a surge ranging from 42% to $80%.
Thus, the SUI price reverted immediately to reach a 5% intraday surge during Monday’s trading session and reclaim the $2 floor. The renewed demand pressure followed an ease in market sentiment as around 70 countries have approached President Trump to negotiate new trade deals.
If the reversal gains momentum, the SUI price will rise 13% and immediately challenge the resistance of a downsloping trendline. A bullish breakout from all resistance will offer the buyer suitable support to drive another 28% to hit wedge pattern resistance sentiment as around 70 countries have reached out to President Trump to negotiate new trade deals.
Technical Indicators:
Relative Strength Index: A fresh higher low formation in the daily RSI slope indicates the building of bullish momentum for the next recovery leap.
Exponential Moving Average: the daily EMAs (20, 50, 100, and 200) clustered between $2 and $2.82, indicating a high-selling zone for traders.
Also Read: Strategy Didn’t Buy Any Bitcoin in the First Week of April Despite BTC Falling to $74,000
