qerranews 
The price of SUI is at a critical juncture, with its ability to maintain the $4 psychological level in question. If it fails to hold this key threshold, it could quickly descend toward the $3.50 demand zone. With growing volatility in the cryptocurrency market, the bulls and bears are locked in a fierce battle for control, and the outcome will likely determine whether SUI experiences a further decline or sees a reversal.
Currently trading near the $4 mark, SUI faces significant bearish pressure after a downturn in the market on Sunday. With a market cap of $12 billion, SUI is the 15th largest cryptocurrency by market value, but its ability to stay above $4 remains in question. Traders are closely watching this level as it holds the potential to trigger further downward momentum if it breaks.
SUI Price Analysis: Expanding Channel Pattern
Analyzing SUI’s price action on the 4-hour chart reveals that the cryptocurrency is undergoing a correction phase. This pullback is forming an expanding channel pattern, indicating that the price is caught between two significant zones, with buyers and sellers battling for dominance.
- Demand Zone: Just below the $4 mark, the demand zone lies between $3.48 and $3.44, marking a potential area where buyers might step in and provide support. If the price moves below the $4 level, traders will look to this demand zone for a possible bounce.
- Supply Zone: On the upside, resistance exists in the supply zone ranging from $4.80 to $4.85. A breakout above this range could trigger a renewed bullish sentiment and a potential rally.
Despite these levels, the current pullback phase has seen SUI drop nearly 18% from its all-time high, indicating that selling pressure is outpacing buying interest at present.
Key Technical Indicators:
- 200 EMA Line:
SUI is currently testing the 200 Exponential Moving Average (EMA), a key support level for the asset. A failure to hold above this level could signal further downside risk and a deeper correction. - Bearish Crossovers:
There is a noticeable negative crossover between the 50 and 100 EMA lines, which could act as a bearish signal for SUI’s price. This technical indicator suggests that short-term selling pressure is outweighing buying interest, further reinforcing the case for a price decline. - Resistance Trend Line:
The price is facing resistance from the upper trend line, which suggests that any attempt to break higher is met with significant selling activity. This rejection emphasizes the strength of the bearish forces at play in the market.
SUI Price Targets: A Critical Junction
As the price continues to test the 200 EMA line, traders are anticipating a possible retest of the support trend line near the $3.65 mark. A drop below the $4 level could trigger a sell-off, increasing the likelihood of the price moving toward the demand zone between $3.48 and $3.44.
- Bearish Scenario: If SUI fails to regain momentum and closes below the 200 EMA line, it may continue to fall, attracting additional selling pressure that could push the price into the demand zone at $3.50.
- Bullish Scenario: A breakout from the expanding channel pattern above the $4.80–$4.85 supply zone could spark renewed optimism, with the price potentially challenging higher levels.
Conclusion: Will SUI Hold Above $4?
SUI’s ability to hold above the $4 psychological level will determine whether the cryptocurrency remains in a bearish correction or recovers. The $3.50 demand zone represents a critical support area, but a failure to hold above $4 could increase the likelihood of further downside. On the other hand, a breakout above key resistance levels could reignite bullish sentiment and provide a path for the price to rise toward new highs.