$SUI breaks down from the Rising Wedge, targeting $2.
There is hope, though, as the Dollar Index is breaking down from its 10-week-old Rising Wedge too! Is the US Dollar making just the move that the crypto industry badly needs?
It gets worse for the USD Index, as there is another bearish chart pattern on mid-term timeframes: the Head & Shoulders. This pattern has also been breaking down.
It's early to say, but we are already seeing some reaction in altcoins. This, in my opinion, is the only hope to still reverse $SUI's three breakdowns that are active.
The second active breakdown can be seen on the 1-4hr timeframes, the Triangle, which has already been retested and hence confirmed.
And the last breakdown is ongoing vs. $BTC , also on the 1D.
All this bearishness can only be reversed by the DXY breakdown. No confirmation on that yet, though.
All in all, SUI remains the weakest-looking crypto out of the ones I have on my radar and cover here. No wonder, since it only recently made its ATH. Profit-taking phase.
No go for me. 💙👽 $ETH has to wake up first.
