SUI Faces Bearish Pressure as Head-and-Shoulders Pattern Triggers Breakdown
SUI's price action has turned decisively bearish after breaking below its neckline support, completing a classic head-and-shoulders pattern that typically precedes extended downtrends. The governance token of the sui blockchain now trades below both its 9-day exponential moving average and 50-day simple moving average, with elevated trading volume confirming the bearish momentum.
Technical analysts note the pattern's formation began in April with the left shoulder, peaked with the May head formation, and concluded with June's right shoulder. The breakdown suggests potential for continued depreciation, with the token already establishing a series of lower highs and lows. Market structure has shifted as buyers fail to defend previous support levels.
