SUI Enters High-Risk Waters as Analyst Highlights Bullish Exhaustion, Will a Bear Cycle Drop the Prices to $1.50?

Amid the bear market, the resilience in the SUI price trend stays strong. The altcoin continues the uptrend, one of the few key performing coins in a bear market.

Cryptocurrency prices have been battered by a bear market this year, but SUI has managed to buck the trend with a remarkable rally.

Now, as the market shows signs of a potential bear cycle, some analysts are wondering if SUI's price could drop as low as $1.50.

SUI's resilience in a bear market: A closer look

SUI has been one of the best performing altcoins in a bear market, showing resilience with an 11.34% growth in the past seven days. The altcoin’s token, SUI, is currently trading at $1.8842.

After yesterday’s bullish engulfing candle, which saw a 5.60% jump, SUI token shows an intraday gain of 1.13%. However, the rejection from a 24-hour high of $2.0092 indicates mounting selling pressure at higher levels.

With massive supply overhead, chances of SUI's downfall are increasing. But the ongoing trend reversal rally has caused almost a 250% jump in the past 60 days.

Now, a rising channel pattern is forming on SUI's 4-hour chart. The altcoin is pulling back from the upper boundary of the channel, which could indicate a bearish reversal.

Adding to the negative sentiment, the RSI indicator on the 4-hour chart is showing a bearish divergence. While SUI has been moving higher within the channel, the RSI is declining and approaching the neutral 50 line, which could be a warning of weakening momentum.

Analyst sounds sell signal for SUI

Crypto analyst Martinez Ali recently sounded a sell signal for SUI, highlighting exhaustion in its bullish trend.

Using TD Sequential indicators, Ali spotted this signal on the 3-day chart, following SUI's 145% rally since September. This could indicate a potential pullback in the upcoming sessions.

Key price targets for SUI

A bearish breakdown from the rising channel could halt SUI's recovery rally as the negative cycle tests critical support levels. On the 4-hour chart, the 50, 100, and 200 EMAs provide key support at $1.73, $1.57, and $1.36, respectively.

In the daily chart, a drop below the $1.7492 level could trigger a fall toward the $1.50 psychological support, which would be a massive 20% decline from its current price.

On the upside, a continuation of the bullish trend would face resistance at the $2 and $2.16 levels.

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