SUI Experiences a 10% Decline: Are Sellers Regaining Control Over the Market?

SUI Experiences a 10% Decline: Are Sellers Regaining Control Over the Market?

SUI has faced a significant downward trend, falling by 10% to a low of $1.80 amid a strong bearish market. Current trading conditions suggest that SUI may continue to struggle unless buyers emerge to reverse the trend. The accompanying market indicators indicate a lack of buying pressure, which could lead to further declines.

Key Takeaways

SUI's price has dropped to approximately $1.81, resulting in a market cap of $6.63 billion.
Daily trading volume increased by over 67%, reaching $1.36 billion, but a substantial liquidation of $5.51 million in SUI occurred in the last 24 hours.
Price may drop to the $1.70 support level, testing critical resistance.
The current market indicators show a bearish phase with potential for a reversal if buying interest increases.

Will SUI Bullish Momentum Arise Before Further Declines?

As the downtrend continues, there's a chance that bearish sellers will push SUI's price to even lower levels. It may test crucial support around $1.70. If the bearish momentum persists, it could lead to a 'death cross' and push prices down to previous lows of around $1.59.

However, if momentum shifts and an uptrend begins, the price could increase toward resistance at $1.92. Should bullish pressure gain strength, it might catalyze a 'golden cross,' propelling the price up to $2.03, a vital price point for SUI.

Currently, the Moving Average Convergence Divergence (MACD) indicator shows its lines crossing below the zero line, indicating a bearish trend. The overall market trend appears weak, and recovery may take time unless there’s a rebound above this zero line.

SUI chart (Source: TradingView)

Moreover, the Chaikin Money Flow (CMF) indicator is at -0.23, suggesting that sellers have control in the SUI market, signifying capital outflows. This negative reading reflects selling pressure and weak buying power.

The daily Relative Strength Index (RSI) is at 30.63, indicating that SUI is in oversold territory. This suggests strong bearish momentum but also hints at a potential upward reversal if buyers enter the market. Additionally, the Bull Bear Power (BBP) reading of -0.2006 confirms that bears dominate, indicating that the price remains low and may continue to decline unless a shift occurs.

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