Sui (SUI) Forms Inverse Head and Shoulders Pattern, Targets $3.60 Bounce

Sui (SUI) is displaying indicators of a potential breakout. Today, market analyst Ali Martinez identified that the altcoin has formed an inverse head

Crypto market analyst Ali Martinez has identified an inverse head and shoulder pattern in Sui (SUI) that could indicate an upcoming breakout.

What Happened: According to Martinez, the formation of this pattern suggests a potential trend reversal.

" $SUI appears to have broken out of an inverse head-and-shoulders pattern on the lower timeframes, potentially setting up a 10% move toward $3.60!"

The pattern, typically, signals a possible price change from a downward momentum to an uptrend.

In the case of SUI, the asset’s price has been in a prolonged downtrend. Over the past week, the price of SUI has dropped by 5.5%.

Despite the recent slump, Martinez remains bullish on SUI and projects the asset’s price to witness a 10% surge to $3.6 in the coming days.

However, technical indicators also suggest a possible decline to the $2 level before the asset embraces any market uptrend.

This price action reflects a pattern observed in April last year, where the token experienced a price drop before making a rebound. The pattern suggests that SUI could fall to the $3.14 support level before any substantial uptrend occurs.

If the token's value drops to the $3.14 support level, it could further decrease to the $2 zone. In April 2024, such a fall created a buying opportunity before the market resurgence.

If the asset’s price decreases to the $3.14 support level, it could set the stage for a possible market rally in the coming weeks.

SUI Price Action: Over the past 24 hours, SUI is showing signs of recovery and is trading at a price of $3.31, indicating a surge of 3.9%. In the past week, the token has seen a price drop of 5.5%.

The token is priced at $3.2 at the time of writing.