Will Sui (SUI) Price Plunge 10% This Week Amid Rising Bearish Clouds?

The SUI price has displayed a jump of approximately 3% with a trading volume of $267.202 Million (+11.24%) over the past 24 hours after recording a correction of 15.30% during the past 30 days and 2.86% within the past seven days.

Moreover, the SUI token has formed a symmetric triangle pattern in the 1D time frame and is on the verge of testing its resistance trendline. With a trading price of $1.0371 and a market cap of $2.417 Billion, will the Sui coin price reclaim the $2 mark this Q2?

Sui Price On The Verge Of A Major Breakout:

The Sui (SUI) price displayed a notable run during the first three months by adding 186.55% to its portfolio during this time. However, after facing rejection at the resistance level of $2.1850, the bulls lost momentum, resulting in the price of SUI recording a correction of 51.60% in valuation.

Following this, the SUI token traded in a closed range between $1.0575 and $1.3950 for a period. Recently, the bulls lost momentum, resulting in the altcoin breaking down its crucial support level. Positively, the SUI price is on the verge of testing its resistance level, the outcome of which is unpredictable.

Negatively, the Cross EMA 50/200-day shows a high possibility of a Death Cross in the 1D time frame, suggesting a high possibility of a bearish price action in the coming time.

The Moving Average Convergence Divergence (MACD) displays a rising green histogram, highlighting an increase in the buying-over-selling pressure in the crypto market. Furthermore, the averages show a bullish curve, suggesting a mixed sentiment for Sui tokens in the crypto space.

Will SUI Crypto Go Up?

If the market pushes the SUI price above the resistance level of $1.0575, the bulls will regain momentum and prepare to test its upper resistance level of $1.3950 during the upcoming weeks.

Conversely, a bearish price action could result in the altcoin falling toward its support trendline soon. If the bulls fail to hold the price at that level, the SUI token will further plunge toward its crucial support level of $0.7625 in the coming time.