- SUI/USD bears poke 200-SMA for the fourth consecutive day.
- MACD’s potential bearish cross and pullback from 10-SMA attract sellers.
- Falling wedge and 200-SMA support keep buyers hopeful, with $3.70 as the key level for a potential rally.
Sui (SUI/USD) bears fail to break the 200-SMA support for the fourth consecutive day, despite a 4% drop to $3.2560 in Tuesday’s mid-US session. Even so, a falling wedge on the 4-hour chart keeps buyers hopeful while the 10-SMA, descending resistance, and a potential MACD bearish cross warn bulls to stay cautious.
Technical chart: Daily chart indicates upside pressure
Source: Trading view
A downward sloping trendline from January 2025, combined with a potential Moving Average Convergence Divergence (MACD) bearish cross and failure to cross the 10-SMA, adds pressure on SUI/USD bears.
However, for sellers to gain conviction, a daily close below the 200-SMA support at $3.2630 is the key. If that happens, a drop to the $3.00 psychological level and then to the 50% Fibonacci level at $2.9415 could follow, with March’s peak at $2.829 and the 61.8% Fibonacci placed at $2.3637 providing further challenges.
For bulls, a clear break above the 10-SMA near $3.4400 and the multi-month resistance line around $3.7000 is needed to regain control. If successful, the SUI/USD buyers could target the previous monthly peak at $3.8700, the $4.00 psychological level, and even the yearly high of $5.3660.
SUI/USD: Four-hour chart
Source: Trading view
A week-long falling wedge pattern between $3.1520 and $3.4500 limits immediate SUI/USD moves, with the 100-SMA at $3.2060 offering nearby support.
A break above $3.4500 could push the Sui price past the previous monthly high of $3.8700, targeting $4.00.
On the downside, the 200-SMA at $2.6740 and an upward trendline from April near $2.5000 limit short-term losses of the SUI/USD.
To sum up, SUI/USD lacks downside momentum, but the bulls need a strong positive catalyst to regain control.
