Date: Mon, March 31, 2025 | 06:58 AM GMT
The cryptocurrency market is facing bearish pressure as Ethereum (ETH) has dropped by over 12% over the past week. The downward momentum is partly influenced by escalating global trade tensions, with Donald Trump set to impose reciprocal tariffs on all countries on April 2.
Following this, top altcoin Sui (SUI) has also taken significant hits, falling 4%. However, the current fractal chart suggests that SUI might be on the verge of another rally.
Familiar Breakout Pattern Forms
On the daily chart, SUI recently broke above a falling wedge pattern. The breakout occurred around the $2.38 level, pushing its price to a local high of $2.83. However, the current bearish momentum has dragged its price down to test the breakout trendline at its current level of $2.28, where it is now consolidating (marked in the circle).
A similar breakout pattern can be traced back to August 2024, where SUI made a comparable falling wedge breakout, followed by a brief consolidation before surging over 500%, supported by the 50-Day Moving Average (MA).
Now, SUI is once again consolidating near the breakout area. If it follows past breakout behavior and manages to cross the 50-Day MA, it could confirm an uptrend and set the stage for another bullish rally in the coming weeks.
This similarity in MACD behavior adds further weight to the fractal pattern, suggesting that history might repeat itself with another major move to the upside.
Final Thoughts
While the broader crypto market remains under pressure, SUI’s price action is showing signs of potential strength. If it manages to maintain support above the breakout trendline and crosses the key 50-Day MA, a strong rally could be imminent, following the same path as its previous breakout.
However, traders should keep an eye on global macroeconomic events and Bitcoin’s movement, as both factors could influence SUI’s price trajectory.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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