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SUI price prediction: Does a breakout above $2.52 trigger a trend reversal?
The price has bounced off the support area of $2.20, with the left and right shoulders forming around the level of $2.25, solidifying this area into a strong demand zone.
Although the technical model shows recovery potential, SUI still struggles to build momentum to break the neckline at $2.52 – a key resistance level that needs to be conquered to confirm the upward trend.
At the time of writing, SUI is trading at $2.22, down 8.73% in the past 24 hours, reflecting that selling pressure still dominates.
If the bulls cannot regain control and push the price above $2.52 with strong liquidity, the risk of further adjustment remains high.
On the daily chart, technical signals are showing divergence. The MACD is gradually curving upwards, suggesting a potential momentum reversal, although it still remains in the bearish zone.
In addition, the Fibonacci retracement levels define an important support area in the range of $2.16-$2.22, where SUI is currently testing at the time of writing.
If it does not hold firm in this area, the price could continue to plummet to the Fib extension level of 1.618 at $1.42. Conversely, for the bulls to regain an advantage, SUI needs to break above the threshold of $2.52.
The liquidation data on April 3 shows a clear imbalance between Long and Short positions. Long positions were liquidated up to $1.92 million, far exceeding the Short positions, which only reached $675.78K.
This indicates that the bulls have been under excessive pressure and the recent price decline may have eliminated weaker investors. However, the increased Long liquidations could also be a sign that the market has reset, allowing stronger capital to return.
The OI-Weighted funding rate has recently shifted to a slight negative at -0.0056%, indicating that short positions are prevailing at the time of writing. This change is beneficial for the bears and reflects the cautious sentiment of investors.
However, the funding rate remains close to a neutral level, signaling the market's hesitation, waiting for a clear breakout or drop. If the price breaks above $2.52, sentiment could quickly reverse.
Despite the bullish reversal signals from the inverse head and shoulders pattern, SUI is still facing strong selling pressure.
The price of SUI has not yet been able to break through and maintain above the resistance line of $2.52 – a crucial confirmation level for a trend reversal.
As long as this does not happen, the bears will remain dominant in the short term, with the risk of a decline to the $2.16 range and even $1.42.
Therefore, the bullish reversal scenario is still not really reliable – a clear confirmation above $2.52 is a necessary condition before any bullish scenario can be considered with certainty.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
SN_Nour
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