Will SUI’s Bullish Pattern Be Enough to Soar Above $2.52? 🚀📉

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  • SUI is struggling to break through the $2.52 barrier, despite forming a bullish inverse head and shoulders pattern. 🤷‍♂️
  • Bearish momentum reigns supreme as funding rates and liquidations signal short-term seller control. ☠️

Sui [SUI] is currently forming an inverse head and shoulders pattern, a classic bullish reversal signal that typically emerges after prolonged downtrends. Yet, one can’t help but feel a bit skeptical—like a villagers’ committee meeting where nothing ever gets decided, SUI has been bumbling around the $2.20 support zone, occasionally nodding towards the heavens but never quite making the leap above $2.52. 🌬️

The left and right shoulders, aligning near $2.25, suggest a strong demand level. However, this technical setup has thus far failed to generate the momentum needed to break through the $2.52 neckline. It’s as if SUI is a reluctant hero, standing at the edge of a cliff, contemplating whether to jump or retreat back to the safety of the $2.20 support. 🦸‍♂️🏃‍♂️

At the time of writing, SUI traded at $2.22, down 8.73% in the past 24 hours, a clear sign that the sellers are still calling the shots. Without a strong push above $2.52, the risk of further downside remains high, much like a poorly acted play where the lead actor refuses to read their lines. 🎭💔

From a broader perspective, the daily chart offers a mix of hope and despair. The MACD is slowly curling upward, hinting at a possible shift in momentum, though it still lingers in bearish territory. It’s like waiting for a bus that’s always five minutes late—there’s a sliver of hope, but mostly frustration. � Decompilation Error

Additionally, Fibonacci retracement levels highlight a major support zone between $2.16 and $2.22, which SUI is currently testing. Failure to hold above this level could expose the price to a deeper decline, potentially all the way down to the 1.618 Fib extension at $1.42. 🚀💥

However, a move above $2.52 is crucial to shift momentum in favor of the bulls. Imagine a seesaw where the bears are currently sitting on one end, but the bulls need just a little more weight to tip it in their favor. 🎠💪

Are bulls or bears dominating liquidations?

Liquidation data from the 3rd of April reveals a clear imbalance between long and short positions. Long liquidations hit $1.92 million, significantly outweighing short liquidations, which totaled $675.78K. This suggests that bulls have been overexposed, and recent price drops may have flushed out the weaker players. However, the surge in long liquidations might also indicate that the market has reset, leaving room for stronger hands to re-enter. 🧠💰

What does the Funding Rate say?

The OI-Weighted Funding Rate recently turned slightly negative at -0.0056%, indicating that short positions were dominant at press time. This shift favors the bears and highlights the cautious sentiment among traders. However, the Funding Rate remains close to neutral, signaling indecision and a wait-and-see approach. Sentiment could flip rapidly if price action confirms a breakout above $2.52. 🤔🔄

Conclusion

SUI remains under strong bearish momentum, despite the bullish reversal potential shown by the inverse head and shoulders pattern. The price has yet to break and hold above the $2.52 neckline, the critical confirmation level for a trend reversal. Until that happens, sellers continue to dominate the short-term outlook, and the risk of a decline toward the $2.16 or even $1.42 level still looms. 💔🔥

Therefore, a bullish reversal is not yet likely—confirmation above $2.52 is essential before any bullish scenario can be considered reliable. It’s like a race where the finish line is just out of reach, but the crowd is holding its breath in anticipation. 🏁🗣️

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2025-04-04 05:14