SUI Price Forecast: SUIUSD Bulls are Blocked at $3.5990

SUI Price Forecast: February 27

The SUI price forecast suggests that the market may enter a ranging phase after facing rejection at $3.5990, preventing the completion of a bullish reversal formation.

SUI Long-Term Trend: Ranging (1-Day Chart)
Key Levels:

Resistance Levels: $4.3000, $3.9660, $3.5990
Support Levels: $2.8500, $2.3854, $1.7630
The SUIUSD bulls were positioned to push the price higher, particularly with the formation of a potential double-bottom bullish reversal pattern. However, the neckline at $3.5990 proved to be a strong resistance, leading to price rejection and ultimately halting the reversal process. The bullish power has reduced, and sellers have taken over, plunging the price below $2.8500.

SUI Price Forecast: SUI/USD Outlook

Following a double touch at the $2.8500 support level, the market attempted to form a double-bottom bullish pattern, but rejection at resistance has sent the price back toward $2.8500.

If the bulls regain full strength, a strong bullish formation could emerge. For this to happen, the price needs to trade above the MA period 20 (Moving Average).

The MACD (Moving Average Convergence Divergence) currently below zero, must surge into positive territory to confirm bullish momentum. Otherwise, the market could drop even lower.

SUI Medium-Term Trend: Bullish (4-Hour Chart)

On the 4-hour chart, there are clear signs of a bearish continuation. The price is has dropped below the $2.8500 support level having been rejected by the MA period 20 line. Red candlesticks indicate growing momentum from buyers.
The MACD indicator has shown a downward movement, moving away from the zero level. A bullish revival may be on the cards again, if the indicator stalls at this level, the market may continue ranging. Monitoring crypto signals could provide additional insights into the next market direction.

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