As the crypto market witnesses a minor surge in fear, the SUI token is struggling to maintain its positive trend. Trapped within a bearish pattern, the short-term recovery in SUI price takes a quick turnaround.
Currently, the SUI token trades at a market price of $2.27 with the project maintaining a market cap of $7.22 billion. As the 19th biggest cryptocurrency, SUI has witnessed a minor recovery of 4.40% in the past 7 days. Amid the growing fear, is the SUI price likely to break below the $2 mark?
SUI Price Analysis: SUI Forms Double Top at $2.35
In the 4-hour price chart, the SUI price trend showcases a falling channel pattern. Within the falling channel, the SUI token recently took strong support near the $2 psychological mark.
Along with the psychological support, the local support trendline helped in the bullish comeback. However, the recovery run fails to continue the trend of higher high formation.
With a double top near the $2.35 mark, the SUI price marks a quick pullback over the past 12 hours, creating its third consecutive bearish candle. With a higher price rejection, SUI nears the decline at $2.21 of the double top pattern.
Within the Bollinger band, the short-term recovery has breached the 20-day SMAL. Furthermore, the expanding Bollinger bands have taken a lateral shift and are teasing a potential compression ahead.
Currently, the SUI price trend reflects a consolidation between the center pivot level at $2.21 and the R1 resistance at $2.46.
SUI Price Targets: SUI Eyes Recovery Toward $2.70
Despite the growing bearishness, analyst Ali Martinez hints at a potential recovery. In his latest tweet, the analyst highlights a major move coming for SUI with the bullish breakout of a potential ascending pattern in the hourly chart. The overhead ceiling of the triangle pattern is based at $2.40 as a crucial resistance.
Based on the Fibonacci levels, the bullish breakout will likely test the $2.73 mark. Meanwhile, the potential breakdown will likely test the $2.25 mark, followed by the next support at the $2.00 psychological level.
The recent pullback hints at a potential breakdown of the triangle pattern. Furthermore, the SUI price trend is likely to restart a negative trend within the falling channel pattern.
As per the Pivot Point Indicator, the downfall is likely to take a retest of the center pivot level at $2.21. As this level also marks the neckline of the double top pattern, a breakdown will likely fuel the correction spree.
In such a case, the S1 Pivot Level close to the $2 psychological mark will be the immediate support level on a bullish trend. Despite the unlikely chances of a strong recovery, the overhead targets are at $2.46 and $2.70.
