Sui Crypto Price Breaking Below a Head and Shoulder Pattern, Will Prices Hold?

According to traditional market analysis, Sui crypto price demonstrates signs of bearishness through an imminent break from its head-and-shoulder formation.

This signifies a shift from bullish to bearish trends. A downward shift in the price trend based on this pattern implies that Sui could face negative price movement.

The neckline support stands at $2.77 as it plays a vital role. A committed price dip under $2.77 confirmation would confirm the breakdown with a potential extensive market decline. A confirmed decline in Sui prices might trigger new tests of existing lower support levels based on the analysis applied to this scenario.

Sui Crypto Price’s Recent Performance and Market Data

Sui crypto price, however, is holding up well having pumped by 6% throughout the last 24 hours despite traders selling their positions amid the bearish technical factors in the market. This can primarily be attributed to investors allocating capital into Sui before the anticipated price break.

Sui traded at $3.01 at press time, with its market capitalization rising 5.43% to $9.31 billion. Trading volume surged 19.97% to $2 billion, pushing the volume-to-market cap ratio to 21.39%. This level of activity suggests heightened volatility, which could drive sharp price movements in either direction.

Sui Crypto Price Market Outlook: Will Sui Keep Pumping?

The formation of a head and shoulder pattern in the 4-hour timeframe is an essential sign for predicting Sui price trends to shift bearishly. The price created the left shoulder through late December before forming the head in early January, which reached above $5 before it completed the right shoulder in February.

February brought the right shoulder pattern, which was established but failed to surpass previous heights, showing acceptance of the pattern.

Determining factors show that the neckline at $2.77 has provided numerous points of support which makes it an important level.

A breakdown below $2.77 support will probably encourage additional market selling and the following support region exists at $2.50. A sustained neckline will serve as support for Sui which could produce a brief price increase up to $3.20.

The downside target for Sui at $2.30 comes from extending the distance between its head peak and neckline downwards to breakdown levels. The bearish outlook finds additional support from the historical support level, which validates the analysis.

The bearish pattern would become ineffective if buying interest returns and defends the neckline. This could trigger Sui crypto’s price toward recovery. The essential resistance range for this scenario consists of $3.20 and $3.50.

Breaking through these resistance levels would initiate a bullish short-term trend. On the flip side, a lasting rally might need convincing volume to validate its sustainability.