#SUI holds firm at $2 as wedge breakout nears. Traders eye a bullish reversal toward $3 amid rising stablecoin supply and Greek partnership news.
As Bitcoin fluctuates near the $84,000 mark, altcoins like SUI struggle to regain bullish momentum. Currently, the SUI token trades at a market price of $2.0921, struggling to hold ground over the $2 psychological level.
Despite the SUI network witnessing a record-high stablecoin supply and an optimistic outlook from analysts, the altcoin is down 7.38% this month. Will the prevailing downtrend continue toward the $1.68 support level?
SUI Price Holds Above $2, Nearing Potential Breakout
On the daily chart, the SUI token’s price action reveals a wedge pattern at play. Within this declining pattern, the bearish trend in SUI accounts for a pullback of nearly 60%.
Furthermore, the price has dropped below the 38.20% Fibonacci retracement level at $2.20. In late January, the decline also breached the bullish line of the super trend indicator, triggering a bearish trend.
Currently, the super trend indicator’s bearish line remains at $2.6593. To restore a new bullish trend, the price must exceed $2.65.
At press time, SUI is holding above the $2.00 psychological level despite a bearish reversal from the overhead resistance trendline. After forming four consecutive bearish candles, accounting for a price drop of 12.43%, SUI has created a minor bullish candle.
With an intraday recovery of 2%, bulls aim to rechallenge the overhead trendline. As the SUI price approaches the apex of the wedge pattern, traders are anticipating a high-momentum rally on either side.
The daily RSI line hints at a potential bullish recovery, as it bounces back toward the midpoint after hovering above the oversold boundary. Based on the Fibonacci levels, a potential breakout could reclaim the $3.00 psychological level at the 23.60% Fibonacci retracement. On the downside, the key support remains at the 50% Fibonacci level at $1.68.
